To determine the initial value in the bank account, we can look at the amount after the first year. In year 1, the amount is $1,080. This amount represents the value after one year of interest and after the initial deposit has been made.
Assuming there is no additional information about the interest rate or any other deposits, the initial value (or principal) can be calculated by subtracting the interest added in that first year from the amount after one year.
However, we cannot calculate the initial value precisely without knowing the interest rate or method of growth (e.g., simple interest or compound interest).
Given the limited information from the table:
- After Year 1: $1,080
- After Year 2: $1,160
- After Year 3: $1,240
If we assume that the amount grows by a consistent interest rate or fixed amount each year, we can look at the increments:
- From Year 1 to Year 2: $1,160 - $1,080 = $80
- From Year 2 to Year 3: $1,240 - $1,160 = $80
Since there's a consistent increase of $80 each year, we can hypothesize that the initial amount started at a smaller value before the first year of growth occurred.
To find the initial value, we can backtrack from Year 1:
If the Year 1 amount ($1,080) is reached by adding $80 to the initial amount (let's denote the initial value as X), we can set up the equation: \[ X + 80 = 1,080 \] To find \( X \): \[ X = 1,080 - 80 \] \[ X = 1,000 \]
Therefore, the initial value in the bank account is $1,000.
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