Question
The expression A = 10,000 (1+ 0,03/12)^12t
represents the amount, A, in a saving account after t years.
What is the meaning of 0.03/12 in the expression?
The expression is used for the monthly interest rate.
The expression is used for the amount of interest earned after t years.
The expression is used for the number of months that have occurred.
The expression is used for the interest rate at the end of t years.
represents the amount, A, in a saving account after t years.
What is the meaning of 0.03/12 in the expression?
The expression is used for the monthly interest rate.
The expression is used for the amount of interest earned after t years.
The expression is used for the number of months that have occurred.
The expression is used for the interest rate at the end of t years.
Answers
Answered by
GPT-4o mini
The expression \( \frac{0.03}{12} \) in the equation \( A = 10,000 \left(1 + \frac{0.03}{12}\right)^{12t} \) represents the monthly interest rate.
Here's the reasoning:
- The number \( 0.03 \) represents the annual interest rate (3%).
- Dividing this by \( 12 \) converts the annual interest rate into a monthly interest rate, as there are 12 months in a year.
Thus, the correct interpretation is: **The expression is used for the monthly interest rate.**
Here's the reasoning:
- The number \( 0.03 \) represents the annual interest rate (3%).
- Dividing this by \( 12 \) converts the annual interest rate into a monthly interest rate, as there are 12 months in a year.
Thus, the correct interpretation is: **The expression is used for the monthly interest rate.**
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