SOLUTION: An investment grows according to the following rule. Next month's balance = 1.003 ✕ the current balance. Find the percentage increase for one year.

SOLUTION: An investment grows according to the following rule. Next month's balance = 1.003 ✕ the current balance. Find the percentage increase for one year.

Algebra.Com

Question 1168376: An investment grows according to the following rule.
Next month's balance = 1.003 ✕ the current balance.
Find the percentage increase for one year.
Answer by ikleyn(52858) (Show Source): You can put this solution on YOUR website!
.


The percentage increase for one year =  = 3.66%.    ANSWER

RELATED QUESTIONS
The balance of an investment is decreasing according to the rule Next year's balance =... (answered by jim_thompson5910)

Consider a population that grows according to the recursive rule Ln+1=Ln+36 With an... (answered by greenestamps)

The balance in Will�s Mastercard� account grew 2%, to $870, in one month. What was his... (answered by rfer)

In February, you have a balance of $100 in your bank account. Each month you deposit $25. (answered by ewatrrr)

You borrow $5,000 from your parents to purchase a used car. The arrangements of the loan... (answered by Theo)

Assume that you start with a balance of $4500 on your MasterCard. Assume that MasterCard... (answered by CPhill)

An investor opens an account at a investment firm earning 6% interest (annual rate) with... (answered by Theo)

Assume you have a balance of $900 on a credit card with an APR of 24% or 2% per month.... (answered by Theo)

XYZ Ltd. plans to sell 30,000 units next year. The expected cost of goods sold is as... (answered by stanbon)