Question

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The amount of money in Tomas's bank account follows the equation
y = 5000(1.1)
where t is a unit of 2 years. Which equation represents the the
approximate monthly interest rate?

Answer 1

Answer:

Choice 3.  y = 5000(1.004)^24t

Step-by-step explanation:

Interest rate over 2 years is 0.1 so over a month it is 0.1 / 24 = 0.004.

There are 24 months in 2 years so the answer is:

y = 5000(1.004)^24t