The approximate yearly interest rate is 1.02%
Exponential equations
Given the expression that represents the interest earned on a money given as (1.0045)^4t
In order to calculate the approximate yearly percent, we will substitute t = 1 into the expression as shown:
f(t) = (1.0045)^4t
f(1) = (1.0045)^4(1)
f(1) = (1.0045)^4
f(1) = 1.018
Hence the approximate yearly interest rate is 1.02%
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