Due in 3 hours, 52 minutes. Due Mon 1002/2017 245 Jason opened a savings account

Question

Due in 3 hours, 52 minutes. Due Mon 1002/2017 245 Jason opened a savings account and his initial deposit was $650 a. Assume the value of the savings account doubled each year. Define a function, h, that gives the value of the savings accouat in teras of the sumber of years since the savings account was opeed, t Preview b. Use function notation to represent the value of the savings account 3 years after the account was opened. c. Determine the value of the savings account 3 years after the accoust was opened dollars Preview Points possible: 10

Explanation / Answer

a) For simple interest calculations:

A(t) = A(0) * (1 + i)^t
Where
A(t) = the value at time t
A(0) = the initial amount
i = interest rate. example: 5% = .05

b) A(3) = 650 * (1 + i)³

c) i = 1 [as value doubles in every year]

Then A(3) = 650*(2)^3 = 5200

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