Question

HELP Now. (Picture Included)

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.

Answer 1

A = 1000 ( 1 + .031/12) ^(12t)

The approximate monthly interest rate is .2583 percent

Explanation:

A=1000(1.031)^t

The formula for compound interest is given by

A = P(1 + r/n) ^ (nt)

Take 1.031 and subtract 1

.031 is the yearly rate in decimal form

A = 1000 ( 1 + .031/12) ^(12t)

Change to a percent = 3.1 %

Divide by 12

3.1/12 = .2583333333(repeating) %

This would be the monthly rate