Mathematics, 06.09.2019 03:30 maggiekilgore1

An amount of $1,000 is deposited into a bank account that pays 4% annual interest. this formula gives the amount of money in the account after t years.
a = 1,000(1 + 0.04)
how does (1 + 0.04) in the equation affect the amount in the bank account?

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An amount of $1,000 is deposited into a bank account that pays 4% annual interest. this formula gives the amount of money in the account after t years. a = 1,000(1 + 0.04) how does (1 + 0.04) in the equation affect the amount in the bank account?

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Another question on Mathematics

An amount of $1,000 is deposited into a bank account that pays 4% annual interest. this formula gives the amount of money in the account after t years.
a = 1,000(1 + 0.04)
how does (1 + 0.04) in the equation affect the amount in the bank account?