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The amount of money in a bank account is given by the function y = 600(1+0.02)^t, where y is in dollars and t is measured in months since the account was opened.What is the percent rate of growth of the bank account?Enter your answer in the box.

The amount of money in a bank account is given by the function y = 600(1+0.02)^t, where-example-1
User Michel Fernandes
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1 Answer

24 votes
24 votes

Given the following function:


\text{ y = 600(1 + 0.02)}^t

The 0.02 in the equation represents the value of the growth rate in decimal form.

Therefore, in percentage form, the growth rate is:

0.02 x 100 = 2%

The answer is 2%

User Joej
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