Question

Pavlo invested some money in a bank account. The relationship between the elapsed time, ttt, in months, since Pavlo invested the money, and the total amount of money in the account, M(t)M(t)M, left parenthesis, t, right parenthesis, in dollars, is modeled by the following function: M(t)=1000⋅(1.01)t Complete the following sentence about the monthly rate of change in the amount of money in the account. Every month, the amount of money in the account by a factor of .

Answer 1

Answer: * =times\multiplication

every month the amount of money increases by a factor of 1.01

Step-by-step explanation:

when t is 0 M(t) is 1000

when t is 1 M(t) is 1000 times 1.01

when t is 2 M(t) is 1000 times 1.01 squared which also looks like this:

1000* 1.01* 1.01

so in the end the factor is 1.01 because that is what is getting added each month (each month another 1.01 appears)