Question

initial
simple inter
$p(t)=1000(1.0$
number of years
account balance
1 $1,037.50✓
2 $1,076.41✓
3 $1,116.77✓
4.5 $1,180.18✓
10 $1,445.04✓
20 $2,088.15✓
35 $3,627.30 ✓

Explanation:

Step1: Identify compound interest formula

The given function $P(t)=1000(1.0375)^t$ is compound interest, where principal $P_0=1000$, rate $r=0.0375$.

Step2: Calculate for t=35

Substitute $t=35$ into the formula.
$P(35)=1000(1.0375)^{35}$
First compute $(1.0375)^{35} \approx 3.6273$
Then $1000 \times 3.6273 = 3627.30$

Answer:

$\$3,627.30$ (the value is already verified as correct)