To find the initial value of the amount in the bank account, we can look at the pattern of increases over the years.
- After 1 year, the amount is $1,080.
- After 2 years, the amount is $1,160.
- After 3 years, the amount is $1,240.
The increases from year to year are as follows:
- From Year 1 to Year 2: $1,160 - $1,080 = $80
- From Year 2 to Year 3: $1,240 - $1,160 = $80
This shows that the amount in the account increases by $80 each year.
To find the initial value (the amount after 0 years), we can subtract the yearly increase from the amount at Year 1:
Initial Value = Amount after 1 year - Increase Initial Value = $1,080 - $80 Initial Value = $1,000
Therefore, the initial value is $1,000.