hunterpatro11
Answered

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PLEASE PLEASE HELP I will give BRAINLIEST



Anthony deposits 1,250 in a savings account with an interest rate of 6% if the Interest rate is compounded monthly than the account balance after t years is given by the expression below 1250(1+0.06/12)^12t what does (1+0.06/12t) represent

Sagot :

(nevermind srry, that was wrong)

Answer: represents the growth factor which reveals the monthly interest rate.

Step-by-step explanation:

Anthony's account balance can be modeled by the general compound interest formula shown below, where P is the initial amount, r is the annual interest rate, n is the number of times that the interest in the account is compounded per year, and t is the time period.

Consider the given expression.

1250(1+0.06/12)^12t

In the given expression, "1" represents 100% of the money in the account at the start of the month and "" represents the percentage of the account balance that gets added into the account at the end of each month. This is the monthly interest rate and the entire expression,(1+0.06/12t) , is the factor of growth.

Therefore, (1+0.06/12t)represents the growth factor which reveals the monthly interest rate.

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