Question

robert uses f(x)=2200(1.04)^x to calculate the interest he earns each year from his savings account. What is the monthly interest rate as a percentage

Answer 1

To find the monthly interest rate as a percentage, we need to first convert the annual interest rate from decimal to percentage, and then divide by 12 (since there are 12 months in a year).

The annual interest rate is given as 4% (1.04 in decimal form).

So, the monthly interest rate as a percentage would be:

((1.04 - 1) / 12) x 100 = 0.33%

Therefore, Robert's savings account earns a monthly interest rate of 0.33%.