Question

​Iris's checking account pays simple interest at ​5% per year. She has ​$170 in her account. Write a linear function to model the amount of money in her checking account at any time t.

Answer 1

The linear function to model the amount in Iris's account with simple interest at 5% per year is Amount(t) = $170 + $8.5 × t, where t is the time in years.

Step-by-step explanation:

To model the amount of money in Iris's checking account, which pays simple interest at a rate of 5% per year, we start with the simple interest formula: Interest = Principal × Rate × Time. For Iris's initial deposit of $170, the interest she earns after t years can be calculated as $170 × 0.05 × t. Therefore, the function to model the total amount in her account at any time t is:

Amount(t) = Principal + (Principal × Rate × Time)

Amount(t) = $170 + ($170 × 0.05 × t)

If we simplify this, we get:

Amount(t) = $170 + $8.5 × t

This linear function represents the balance in Iris's checking account at any time t, with t measured in years.