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Answer:
- the total value after 6 years is $134.01
- Tyler has earned $34.01 in interest
- The new balance is 1.05 times the previous balance. An exponential function can provide a suitable shortcut.
Step-by-step explanation:
The worksheet you show tells you exactly how to do the calculations and where to put the numbers. For such repetitive calculations a spreadsheet is a very useful tool.
Each new balance is the previous balance multiplied by 1.05. Repetitive multiplication is signified using an exponent. For multiplication by 1.05 six times, the multiplying factor can be 1.05^6.
