Mathematics: Jerry says I ve got my money in a great account that compounds interest monthly. The equation y=388 (1.008) represents how much money I have at the end of the month. What is Jerry s monthly interest rate? What is his annual interest rate? Write an equation to represent your total money if you invest $500 in an account with the same rate of return .Let m represent the number of months the money has been invested

The answer is 3. -1/2 n + 1 1/2 n add the coefficients to get 1n or just n. then n-n is 0 what is left is 3....

Jerry says I ve got my money in a great account

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21.01.2022

(a)His monthly Interest Rate=0.8%

(b)Annual Interest Rate = 9.6%

Step-by-step explanation:

For a Principal P invested at a yearly rate r, compounded m times in t years

Amount at Compound Interest= $P(1+\frac{r}{m})^{mt}$

Comparing with Jerry's equation y=388 (1.008)

(a)His monthly Interest Rate= 0.008=0.8%

(b)Annual Interest Rate= Monthly Interest Rate X 12 =0.8 X 12 = 9.6%

(c)If I invest $500 at the same rate of return,

Total Money after m months

= $P(1+\frac{r}{m})^{mt}$ $=500(1+0.008)^{m}$ =500(1.008)^m

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