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Home > CCA > Chapter 7 > Lesson 7.1.4 > Problem 7-54

7-54.

Jerry says, “I’ve got my money in a great account that compounds interest monthly. The equation represents how much money I have at the end of any month.” What is Jerry’s monthly interest rate? Write an equation to represent your total money if you invest in an account with the same rate of return. Let represent the number of months the money has been invested. Homework Help ✎

Look at the Math Notes box in Lesson 7.1.3 to review the different types of interest.

Monthly Interest Rate: