Rewrite Exponential Expressions Using Exponents Practice Test

A savings account grows by 8% per year, modeled by $(1.08)^t$ for $t$ years. What is the approximate monthly growth factor (so that $(1.08)^t \approx(\text{monthly factor})^{12t}$)?

An investment grows by 12% per year, modeled by $A(t)=P(1.12)^t$ where $t$ is in years. Rewrite $(1.12)^t$ to reveal the equivalent monthly growth factor (12 months per year) using exponent properties.