The amount of money in a savings account increases by 0.2% every month.
Part A
Write a function for the amount of money in the account, B, after t months with an initial deposit of $100.
B(t)=100 (____)^t
Part B
By what factor does the amount in the account increase every month? Every year? Every 5 years? Round answers to the nearest thousand
each month: ___
each year: ___
every five years: ___
The amount of money in a savings account increases by 0.2% every month.
Part A
Write a function for the amount of money in the account, B, after t months with an initial deposit of $100.
B(t)=100 (____)^t
Part B
By what factor does the amount in the account increase every month? Every year? Every 5 years? Round answers to the nearest thousand
each month: ___
each year: ___
every five years: ___