After 10 months the simple interest earned annually on an investment of $6000 was $769. Find the interest rate to the nearest te
1 answer:
You might be interested in
Answer:
Exponential decay function; -0.94%
Step-by-step explanation:
We are given an exponential function and we are supposed to find whether the given function increases or decreases and also the percentage of increase or decrease.
Th given function is f(x) = 2060
Here x denotes the number of years.
At the start the value was 2060. In the next year it was multiplied by 0.9906.
This means that the value becomes 0.9906 times after each year.
Hence the value decreases by 0.0094 times its original value.
Converting to percentage it becomes 0.94% decrease after each year.