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. Only enter numbers in the boxes. Do not include any commas or decimal points.

Answer 1

Given
A = 1000(1.03)t

With the above equation, the initial deposit is $1000 and the interest rate on said deposit is 3%. 

I am assuming that the above equation is a compounding interest where t is an exponent. t represents time period in years. 

Let us assume t is 5.

A = 1,000(1.03)^5 = 1,000(1.159) = 1,159.00

After 5 years, the $1,000 deposit will earn an interest of $159 for a total of $1,159.