3. the amount of money in a savings account is given by a(t)=500(1.05)^t, where t is the number of years.\n•…
3. the amount of money in a savings account is given by a(t)=500(1.05)^t, where t is the number of years.\n• find the amount in the account after 2 years.
Answer
Explanation:
Step1: Substitute t = 2
Substitute $t = 2$ into $A(t)=500(1.05)^{t}$. $A(2)=500\times(1.05)^{2}$
Step2: Calculate $(1.05)^{2}$
$(1.05)^{2}=1.05\times1.05 = 1.1025$
Step3: Calculate the final amount
$A(2)=500\times1.1025 = 551.25$
Answer:
$551.25$