Part B. Find the annual interest rate for account 3 to complete your table. The math process used to find the effective annual interest rate of account 4 has been modeled for you:

Account 4: Rewrite the base (b) of the expression:

(1.0000938)^365t= (1.0000938^365)^t≈(1.03483) = (1+0.03483)^t.

The effective annual interest rate is approximately 3.483%.

Question

03-11-2022
Mathematics

Answered

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Part B. Find the annual interest rate for account 3 to complete your table. The math process used to find the effective annual interest rate of account 4 has been modeled for you:

Account 4: Rewrite the base (b) of the expression:

(1.0000938)^365t= (1.0000938^365)^t≈(1.03483) = (1+0.03483)^t.

The effective annual interest rate is approximately 3.483%.

Sagot :

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