1.) Suppose that you deposit money into a savings account that receives 5% interest per year on the amount of money that is in the account for that year. Assume that you deposit $400 into the account
initially.
(a) How much in dollars and cents) will the savings account increase by over the course of the year?
(b) How much money is in the account at the end of the year?
(c) By what single number could you have multiplied the $400 in order to calculate your answer in
part (b)?
(d) Using your answer from part (c), determine the amount of money in the account after 2 years.
(e) Write an equation for the amount in the savings account S(t) as a function of the number of years, t,
since the $400 was invested.