Question

The balance, B, in dollars, after T years of an investment that earns interest compounded annually is given by the function B(t) = 1500(1.045)^t .To the nearest hundredth of a percent what is the monthly interest rate for the investment?
A) 4.50%
B) 3.67%
C) 0.37%
D) 69.59%​

Answer 1

Answer: I’m pretty sure it’s 4.50%

Step-by-step explanation:

Well when you divide the number (1.045) by 100 you get 4.5 and so 4.5 of 1500 would give you the balance.