Mathematics: The total amount of money in a savings account after t years is given by the function a=1000(1.023)^t . how could this function be rewritten to identify the monthly interest rate? what is the approximate monthly interest rate? drag and drop the choices into the boxes to correctly complete the table. if a value does not match, do not drag it to the table. function monthly interest rate a = 1000(1 + 0.023)^12t a = 1000(1.023^12)^t/12 a = 1000(1.023^t/12)^12t 0.23% 0.19% 0.31%

C. 25.4Step-by-step explanation:...

The total amount of money in a savings account after

jumpman2344

13.03.2022

$A=1000(1+\frac{0.023}{12})^{12t}$

Rate of interest (r) = 0.19% monthly

Step-by-step explanation:

Given: The total amount of money in a saving account after t years.

A=1000(1.023)^t

Formula:

A=P(1+r)^t

Now we compare this formula with with given model.

P=1000

Rate of interest annually (r) = 0.023

Time = t

We need to change into monthly interest

New rate will divide by 12

New time will multiply by 12

$r=\frac{0.023}{12}=0.0019$

$t=12\times t =12t$

Function for monthly rate

$A=1000(1+\frac{0.023}{12})^{12t}$

Rate of interest (r) = 0.19% monthly

$\text{Thus, Function Monthly interest rate: }A=1000(1+\frac{0.023}{12})^{12t}\text{ and Monthly Interest rate }= 0.19\%$

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