If you invest in an account paying 4.5% interest compounded monthly, how much will the account be worth in 10 years?
David invested in a fund with a guaranteed annual growth of .
Write an expression for the value of his fund after years.
The fund’s growth is calculated monthly.
We can rewrite the expression for the fund’s value as .
Use the new form of the expression to find the monthly growth rate. Give your answer to 3 significant figures.
The return dollars after years on a savings account is given by the explicit formula . What are the meanings of the numbers , 1.05, and 4?