Answer:
The total amount of money in a saving account after t years is given by:
we can write this function as;
.....[1]
Use the formula:-
; where
P = Principal amount (the initial amount borrow or deposit)
r= annual rate of interest (as a decimal)
t = number of years the amount is deposited or borrowed for.
A =amount of money accumulated after n years, including interest.
n = number of times the interest per year
Now, the function can be rewritten to identify the monthly interest rate is;

here, n =12 ;
For monthly rate of interest =
=
(approx) or 0.19% .
Therefore, the approximate monthly rate of interest is, 0.19%