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Suppose that $2060 is deposited into an account where the interest is compounded annually. This situationcan be modeled by the function.P(t) = 2060(1.019)where P(t) represent the value (in dollars) of the account at t years afterdepositing the $2060.According to this model, what is the earning interest rate in percent?

Respuesta :

Notice that:

[tex]1.019=1+0.019,[/tex]

therefore, the interest rate is

[tex]0.019[/tex]

which in percent corresponds to:

[tex]0.019\times100=1.9\%.[/tex]

Answer:

[tex]1.9\%[/tex]

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