You are saving money to buy an electric guitar. You deposit $1000 in an account that earns interest compounded annually. The exp
ression 1000(1+r)^2 represents the balance after 2 years where r is the annual interest rate in decimal form. Write a polynomial in standard form. The interest rate is 3%. What is the balance of your account after 2 years.
The guitar costs $1100. Do you have enough money in your account after 3 years?