Final answer:
Jack's college fund amount at any given time is calculated by adding $1,000 to the multiple of $100 deposits and the number of years since the fund was opened. An example calculation for when Jack is 5 years old results in a total of $1,500.
Step-by-step explanation:
The question asks how much money will be in Jack's college fund at any given time, considering an initial deposit and regular yearly deposits thereafter. To calculate the total amount in the college fund at any time, we use a simple formula: total amount = initial deposit + (yearly deposit × number of years). Given the initial deposit is $1,000 and the yearly deposit is $100, after n years the total amount will be $1,000 + ($100 × n).
If, for example, Jack is now 5 years old, the account would contain $1,000 + ($100 × 5) = $1,000 + $500 = $1,500. This formula assumes no interest is being earned on the deposited amounts. The more birthdays Jack has celebrated, the greater the amount in the fund due to the additional $100 deposits each year.