A $50,000 investment earns 18% annually. If B represents the balance and t represents the number of years, determine an expression that gives the account balance, B, after t years. Also, determine an equivalent expression that displays the effective monthly interest rate. A) B = 50000(1.18)t; B = 50000(1.14)12t
B) B = 50000(1.18)t; B = 50000(1.014)12t
C) B = 50000(1.018)t; B = 50000(1.14)12t
Eliminate
D) B = 50000(1.18)t; B = 50000(0.014)12t