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The amount of money in a bank account is given by the functiony = 200(1 + 0.05)^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.

The Amount Of Money In A Bank Account Is Given By The Functiony 2001 005t Where Y Is In Dollars And T Is Measured In Months Since The Account Was OpenedWhat Is class=

Answer :

.Explanation

The question wants us to get the growth rate of the sum invested

To do this,

We have to use the general equation

[tex]\begin{gathered} y=P(1+\frac{r}{100})^t \\ \text{where P is the amount invested} \\ r=percent\text{ growth} \\ t=n\nu\text{mber of years} \end{gathered}[/tex]

The given equation is

[tex]y=200(1+0.05)^t[/tex]

To get the percentage growth rate, we will have to compare with the general formula

We will find out that

[tex]\begin{gathered} \frac{r}{100}=0.05 \\ \\ r=100\times0.05 \\ \\ r=5\text{ \%} \end{gathered}[/tex]

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