Danna Lamb

Mathematics

27 May, 23:35

Will used the function C = 1,906 (1.03) t to determine the amount of money compounded in his savings account. Select all of the statements below that describe the meaning of 1.03 in Will's function. (there are 3 answers)

a. Will leaves the money in his savings account for 1.03 years.

b. The money in Will's account increases by $1.03 each year.

c. The growth factor of Will's savings account is 1.03.

d. Will's savings account increases by 3% each year.

e. Will opened his savings account with $1.03.

f. Will's account has a growth rate of 0.03.