Question

Tim deposits money in a certificate of deposit account. The balance (in dollars) in his account t years after making

Answer 1

Answer:

The minimum balance is $ 1,000

Step-by-step explanation:

According to the expression used to define the balance in Tim's account, at time t = 0:

$T(0) = 1000(1.06)^{0}\\T(0) = 1000(1)\\T(0)=1000$

Then, the initial balance in Tim's account is 1000 dollars. One year later, the balance in Tim's account will be:

$T(1)=1000(1.06)^{1}\\T(1) = 1060$

And each subsequent year, the balance will increase in a factor of 1.06. The minimum balance in Tim's account is 1000, and there is no possibility that the balance could be less than that amount of money.