Answer:
A = 1000 ( 1 + .031/12) ^(12t)
The approximate monthly interest rate is .2583 percent
Step-by-step explanation:
A=1000(1.031)^t
The formula for compound interest is given by
A = P(1 + r/n) ^ (nt)
Take 1.031 and subtract 1
.031 is the yearly rate in decimal form
A = 1000 ( 1 + .031/12) ^(12t)
Change to a percent = 3.1 %
Divide by 12
3.1/12 = .2583333333(repeating) %
This would be the monthly rate
Hi There!
Step-by-step explanation:
Compound Interest: a = p(r/n + 1)^nt
Function: A=1000(1.031)^t
1.031 - 1 = 0.031 = 3.1%
a = 1000(0.031/12 + 1)^12t
a = 0.0025833333333333333333333333333333333333...
Answer:
0.002583...
Hope This Helps :)
