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#39360

percentage

exponential

hard

90 sec

Calculator OK

The value of an asset is modeled by the function $A (t) = 5000 \cdot (1.02)^{12 t}$ , where $t$ is the number of years. If the function is rewritten to model the monthly growth, $A (t) = 5000 \cdot (1 + r)^{M}$ , where $M$ is the number of months, what is the approximate value of $r$ as a percentage, rounded to the nearest hundredth?

• Up to 5 characters (6 if negative). Only numbers, decimal (.), fraction (/), negative (-).
• Fractions must be in lowest terms.
• Mixed numbers must be converted to improper fractions.