It would be 5%. I know the answer is right I just don’t know how to explain it. Sry. But I hope this helps.
Yes I sure did hang the picture what about it
M = 135/19 and n = -5/19
You have to give them like terms so that when you eliminate they cancel out and you can solve. The easiest way to do so is by multiplying the top equation by -4 and the bottom by 3.
Amount in compound interest = p(1 + r/t)^nt where p is the initial
deposit, r = rate, t = number of compunding in a period and n = period.
Here,
Amount after t years = 103(1.02)^t
i.e. 1 + r = 1.02
r = 1.02 - 1 = 0.02
Therefore, annual interest rate = 0.02 x 100 = 2%
