Answer:
--- function
The monthly rate is 10%
Explanation:
Given
Let
So, we have:
--- Monday
--- One month later
Required
The function
The function is represented as:
In
, we have:
In
, we have:
Substitute:
Solve for b
So, the function is:
To calculate the monthly rate (r), we have:
Compare to:
Make r the subject
Substitute
Express as percentage