Definition
An irrational number is a number that cannot be expressed in as a fraction. It has decimal expression that does not terminate.
An example will be √2.
Reason:
(1) √2 cannot be expressed as a fraction form
(2) √2 has decimals that does not terminate
Answer:
Monthly deposit= $323.78
Step-by-step explanation:
Giving the following information:
Future Value (FV)= 12,000*0.7= $8,400
Number of periods (n)= 2*12= 24
<u>We weren't provided with the interest rate, suppose an annual interest rate of 8%.</u>
Interest rate= 0.08/12= 0.00067
<u>Now, to calculate the monthly deposit, we need to use the following formula:</u>
<u></u>
FV= {A*[(1+i)^n-1]}/i
A= monthly deposit
Isolating A:
A= (FV*i)/{[(1+i)^n]-1}
A= (8,400*0.0067) / [(1.0067^24) - 1]
A= $323.78
Solution :
Transforming given equations :
From above equations we can see that equation 1) has largest percentage growth rate and the percent growth rate is 12% .
Hence, this is the required solution.
