Question

What is the annual compound interest rate for an investment account modeled by the function y = 7400 • 1.07^x?
A. 7%
B. 1.07%
C. 0.07%
D. 97%

Answer 1

The formula is
Y=p (1+r)^x
Where r is the interest rate
Y=7400 (1+0.07)^x

R=0.07×100=7%

It's a