The total amount of money in a savings account after t years is given by the function A=1000 (1.023) ^t.
How could this function be rewritten to identify the monthly interest rate?
What is the approximate monthly interest rate?
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Function Monthly interest rate
A = 1000 (1 + 0.023) ^12t
A = 1000 (1.023^12) ^t/12
A = 1000 (1.023^t/12) ^12t
0.23%
0.19%
0.31%
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