Mathematics, 06.01.2021 01:00 tommyaberman
Each year a certain amount of money is deposited in an account which pays an annual interest rate of R so that at the end of each year the balance in the account is multiplied by a growth factor of x=1 + r. $1,000 is deposited at the start of the first year, an additional $300 is deposited at the star of the next year, and $500 at the start of the following year.
Which expression represents the value of the account at the end of three years in terms of the growth factor x?
A. 1000x + 300x^2 + 500x^3
B. 1000x^3 +300x^2 + 500x
C. 1000x^2 + 300x + 500x^3
D 1000x^3 - 300x^2 - 500x
Using the information above determine (to the nearest cent) the amount in the account at the end of 3 years if the interest rate is 4%
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