Answer:
Initial deposit = $1000
Rate of interest per year = 3%
Step-by-step explanation:
The amount of money, in dollars, in an account after t years is given by :
where A is the amount and t is the time in years
To find the initial deposit and initial rate of interest convert the given equation into standard form.
The standard form is :
So, Comparing the equations (1) and (2)
Initial deposit = $1000
Rate of interest per year = 3%