Answer:

Rate of interest (r) = 0.19% monthly
Explanation:
Given: The total amount of money in a saving account after t years.

Formula:

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


Function for monthly rate

Rate of interest (r) = 0.19% monthly
