Medal and fan!!!!!
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?

Question

Medal and fan!!!!!
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?

nincompoop · Answer

is that $\sf \huge f(x) = (1.006235)^{12x}$ ?

campbell_st · Answer

you bacially have the compound interest formula 

$$A = P(1 + r)^n$$

so the monthly interest rate is 

monthly rate = (1.006235 - 1) x 100

to get the annual rate multiply the monthly by 12.