Find the surface area. Picture. Plz show work thx
1 answer:
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Answer:
3.045%.
Step-by-step explanation:
We are asked to find the corresponding effective interest rate for 3% per year compounded continuously.
We will use effective interest formula to solve our given problem.
, where,
r = Effective interest rate,
e = Mathematical constant,
r = Interest rate in decimal form.
Let us convert given interest rate in decimal form.
Substitute values:
Convert into percentage:
Therefore, the corresponding interest rate would be 3.045%.
A calculator fitting the data with an exponential model shows the annual multiplier is approximately 1.0367.
The effective annual interest rate is 3.67%.
The effective annual interest rate is 3.67%.