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Suppose that $3060 is deposited into an account where the Interest is compounded annually. This situation can be modeled by the function. P(t) = 3060 (1.023)t where P(t) represent the value (in dollars) of the account at t years after depositing the $3060. According to this model, what is the earning interest rate in percent?

Suppose that $3060 is deposited into an account where the Interest is compounded annually. This situation can be modeled by the function. P(t) = 3060 (1.023)t where P(t) represent the value (in dollars) of the account at t years after depositing the $3060. According to this model, what is the earning interest rate in percent?

Advanced Engineering Mathematics
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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Suppose that $3060 is deposited into an account where the nterest is compounded annually. This situation can be modeled by the function. P (t) = 3060 (1.023)t where P(t) represent the value (in dollars) of the account at t years after depositing the $3060. According to this model, what is the earning interest rate in percent? 0 0.23% 2.3 02.3% 0.23%
Transcribed Image Text:Suppose that $3060 is deposited into an account where the nterest is compounded annually. This situation can be modeled by the function. P (t) = 3060 (1.023)t where P(t) represent the value (in dollars) of the account at t years after depositing the $3060. According to this model, what is the earning interest rate in percent? 0 0.23% 2.3 02.3% 0.23%
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