22.) A bank offers a savings account that accrues simple interest annually based on an initial deposit of $500. If S(t) represents the money in the account at the end of t
years and S(5) = 575, which of the following approximates the amount of money in
the account over time?
A. S(t) = 500(1.15)'
B. S(t) = 500(1.0283)
C. S(t) = 575(5)
D. S(t) = 500(0.23)'
23.) Another bank offers a savings account that accrues compound interest annually at
a rate of 3%. What is the initial amount needed in this account so that it will have the
same amount of money at the end of 10 years as the account in question 22.