Question

The amount of money, in dollars, in an account after t years is given by A = 1000(1.03) t . The initial deposit into the account was $ a0 and the interest rate is a1% per year.

Answer 1

The amount of money, in dollars, in an account after t years is given by a = 1000 (1.03) T. The initial deposit into the account was $1000 and the interest rate is 3% per year. Hope this helps.

Answer 2

Initial deposit = $1000

Rate of interest per year = 3%

Explanation:

The amount of money, in dollars, in an account after t years is given by :

`A = 1000\cdot (1.03)^(t)`

where A is the amount and t is the time in years

To find the initial deposit and initial rate of interest convert the given equation into standard form.

`\implies A = 1000\cdot (1.03)^(t)\\\\\implies A = 1000\cdot (1+(3)/(100))^(t).......(1)`

`\text{Now, }a_0\text{ is the initial deposit the interest rate is }a_1\%`

The standard form is :

`A=a_0\cdot (1+(a_1)/(100))^t.....(2)`

So, Comparing the equations (1) and (2)

Initial deposit = $1000

Rate of interest per year = 3%