Mathematics

Lorena Frazier

14 October, 13:27

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?

Drag and drop the choices into the boxes to correctly complete the table. If a value does not match, do not drag it to the table.

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%