Question

Medal and Fan

Answer 1

The function f(x) = (1.006235)^12x models the monthly interest that a bank offers to Dan after x years. Dan converts the function to have x isolated in the exponent. What is the approximate rate of growth?
1%
8%
10%
12%

Answer 2

@vishweshshrimali5

Answer 3

@mathstudent55

Answer 4

See actually the rate of growth can be calculated by calculating the first derivative of f(x).

Find f'(x) and that will help you in finding the answer.