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ValentinkaMS [17]
3 years ago
10

The equation a = 1300(1.02)7 is being used to calculate the amount of money in a savings account. what does 1.02 represent in th

is equation?
Mathematics
1 answer:
yaroslaw [1]3 years ago
7 0
For this case we have an equation of the form:
 y = A * (b) ^ t
 Where,
 A: initial amount
 b: growth rate
 t: time
 The given equation is:
 a = 1300 (1.02) ^ 7
 Where,
 b = 1.02
 It represents a growth of 2% on the initial amount.
 Answer:
 
1.02 represented in this equation a growth of 2% on the initial amount.
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