An investment of $500 earns interest at an annual interest rate of 13%. The equation for this investment is B = 500 (1.13) t, where B represents the balance and t is the number of years. Write an equivalent equation that displays the effective monthly interest rate.
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Home » Mathematics » An investment of $500 earns interest at an annual interest rate of 13%. The equation for this investment is B = 500 (1.13) t, where B represents the balance and t is the number of years.