1.116 can be written as (1.111^1/12)^12t to give the monthly interest rate based on an annual rate of 11%. Transform the expression into a single exponent expression that gives the approximate equivalent monthly interest rate based on an annual rate of 11%.
A)
(1.0087)^t
B)
(1.0087)^12t
C)
(1.0092)^t
D)
(1.0092)^12t