The expression 1.01-1.005 gives the amount of money, in thousands of dollars, in Carter's savings account t years after he opens it What does 1.01 represent in this expression? Choose 1 answer Carter opened the savings account I year ago ⓢ Carter's savings account had $1,010 in it when he opened it. The amount of money in Carter's savings account increase by 1% each year.
1.01 ( 1.005 )^t
standard exponential equation is
y = a (b)^x
where a = initial value
comparing the two equations
we get
a = 1.01
so, it means 1.01 means Carters saving account had $ 1010 in it when it opened
