Question

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.

Answer 1

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%