Question

An account earns 10% annual compound interest. The amount in the account after t years is equal to the principal times the expression (1 + 0.10)^t, or 1.10^t. To the nearest tenth of a percent, what is the monthly compound interest rate?

Answer 1

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The Best Answer Is - Assuming that means 1.10^t: 0.10 is for years. To get months divide by 12. 0.10/12 = 0.0083333... And (1+0.083333...) = 1.0833333. (You will have to multiply t by 12 also to get it in terms of months) (1.0833333)^12t
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