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Shtirlitz [24]
3 years ago
15

Laurent invested some money in a bank account.

Mathematics
1 answer:
zavuch27 [327]3 years ago
4 0

Answer:

1.04

Step-by-step explanation:

"Complete the following sentence about the yearly rate of change in the amount of money in the account.  Round your answer to two decimal places.

Every year, the amount of money in the account increases by a factor of _."

Mdecade(t) = 4900 (1.5)^t, where t is in decades.

One year is 0.1 decades, so M increases by a factor of:

1.5^0.1 = 1.04

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Each year we add 4.5% interest.
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To start: $1,000
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Now we have $1,045.
Multiply by 1.045 again for the second year.
Now we're at 1092.025.
We need to round up to the nearest cent...$1,092.03
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Step-by-step explanation:

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