The amount of money, in dollars, in an account after t years is given by a = 1000(1.03)t. the initial deposit into the account was $a0 and the interest rate is a1% per year. only enter numbers in the boxes. do not include any commas or decimal points.

Initial value, a0 = $1000

Rate of interest, a1 = 0.03 = 3%

Step-by-step explanation:

The amount of money in an account after t years is given by the expression :

where P is the initial amount or the Principal value of the account, n is the number of times the interest is compounded in a year.

Now, According to question, the amount of money in an account after t years is given by the expression :

Now, on comparing the above expression with (1),

We get, P = 1000 , Time = t years , n = 1 and Rate = 0.03

Hence, Initial value, a0 = $1000

Rate of interest, a1 = 0.03 = 3%

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step-by-step explanation: