Answered

At Westonci.ca, we connect you with the best answers from a community of experienced and knowledgeable individuals. Join our Q&A platform and connect with professionals ready to provide precise answers to your questions in various areas. Get quick and reliable solutions to your questions from a community of experienced experts on our platform.

The amount of money in a bank account is given by the functiony = 200(1 + 0.05)^t, where y is in dollars and t is measured in months since the account was opened.What is the percent rate of growth of the bank account?Enter your answer in the box.

The Amount Of Money In A Bank Account Is Given By The Functiony 2001 005t Where Y Is In Dollars And T Is Measured In Months Since The Account Was OpenedWhat Is class=

Sagot :

.Explanation

The question wants us to get the growth rate of the sum invested

To do this,

We have to use the general equation

[tex]\begin{gathered} y=P(1+\frac{r}{100})^t \\ \text{where P is the amount invested} \\ r=percent\text{ growth} \\ t=n\nu\text{mber of years} \end{gathered}[/tex]

The given equation is

[tex]y=200(1+0.05)^t[/tex]

To get the percentage growth rate, we will have to compare with the general formula

We will find out that

[tex]\begin{gathered} \frac{r}{100}=0.05 \\ \\ r=100\times0.05 \\ \\ r=5\text{ \%} \end{gathered}[/tex]

Thank you for choosing our service. We're dedicated to providing the best answers for all your questions. Visit us again. Thank you for choosing our platform. We're dedicated to providing the best answers for all your questions. Visit us again. We're glad you chose Westonci.ca. Revisit us for updated answers from our knowledgeable team.