Question

The amount of money, in dollars, in an account after t years is given by A = 1000(1.03) t . The initial deposit into the account was $ a0 and the interest rate is a1% per year.

Answer 1

The amount of money, in dollars, in an account after t years is given by a = 1000 (1.03) T. The initial deposit into the account was $1000 and the interest rate is 3% per year. Hope this helps.

Answer 2

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 :

$A = 1000\cdot (1.03)^{t}$

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.

$\implies A = 1000\cdot (1.03)^{t}\\\\\implies A = 1000\cdot (1+\frac{3}{100})^{t}.......(1)$

$\text{Now, }a_0\text{ is the initial deposit the interest rate is }a_1\%$

The standard form is :

$A=a_0\cdot (1+\frac{a_1}{100})^t.....(2)$

So, Comparing the equations (1) and (2)

Initial deposit = $1000

Rate of interest per year = 3%