Question

The function M(t)=100(1.02)t represents the amount of money in a savings account t years after it was opened.

Answer 1

This function represents exponential growth, where the initial amount of money in the account is $100.

To find the amount of money in the account after a certain number of years, you substitute the value of t into the function and evaluate it.

For example, if you want to find the amount of money in the account after 5 years, you would substitute t = 5 into the function:

M(5) = 100(1.02)5 = 100(1.10408) ≈ $110.41

So, after 5 years, there would be approximately $110.41 in the savings account.