Question

The expression 1.01\cdot1.005^t1.01⋅1.005
t
1, point, 01, dot, 1, point, 005, start superscript, t, end superscript gives the amount of money, in thousands of dollars, in Carter's savings account t years after he opens it.
What does 1.011.011, point, 01 represent in this expression?

Answer 1

Answer:

   Carter's initial balance (in thousands)

Step-by-step explanation:

The expression seems to indicate that Carter's savings are earning 0.5% interest per year. The overall multiplier, 1.01, appears to be Carter's initial balance. It is in thousands.

Answer 2

Answer:

Carter's savings account had $1,010 in it when he opened it.

Step-by-step explanation:

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