Use the table to answer the question

Question

Years Amount
1 $1,080
2 $1,160
3 $1,240

The table shows the amount of money in a bank account after a certain number of years. What is the initial value.

Answer 1

To find the initial value of the bank account, we can observe the amounts shown in the table after each year and see how much the account increases each year.

From the table:

• After 1 year, the amount is $1,080.
• After 2 years, the amount is $1,160.
• After 3 years, the amount is $1,240.

Calculating the increases:

• From Year 1 to Year 2: $1,160 - $1,080 = $80
• From Year 2 to Year 3: $1,240 - $1,160 = $80

It seems the amount increases by $80 each year.

To find the initial value (at Year 0):

• Amount at Year 1 - Increase in Year 1 = $1,080 - $80 = $1,000

So, the initial value of the bank account is $1,000.