Question

PLEASE HELP!!! WILL REWARD BRAINLIEST!!!

Answer 1

Answer:

The approximate monthly rate of growth is 1.24%

Step-by-step explanation:

we have the future value formula

$F=P(1+r)^t$

we have

$r=16\%=16/100=0.16$ ----> annual interest rate

so

$F=P(1+0.16)^t$

$F=P(1.16)^t$

Find the approximate monthly rate of growth

Remember that

$1\ year=12\ months$

so

Divide the number of periods t by 12

$F=P(1.16)^{\frac{t}{12}}$

Applying power rules property

$F=P(1.16^\frac{1}{12})^t$

$F=P(1.0124)^t}$

$1.0124-1=0.0124$

Convert to percentage

$0.0124*100=1.24\%$

therefore

The approximate monthly rate of growth is 1.24%