The table shows the amount of money in a bank account after a certain number of years. What is the initial value? the table is shown below
years | amount
1 | $1,080
2 | $1,160
3 | $1,240
To find the initial value in the bank account, you need to determine the amount of money in the account after 0 years, also known as the initial year.
In the given table, the amount of money in the bank account after 1 year is $1,080. Going from 1 year to 2 years, the amount increases by $80 ($1,160 - $1,080). Similarly, going from 2 years to 3 years, the amount increases by $80 again ($1,240 - $1,160).
Since the increase in amount is constant ($80) for each year, you can infer that the initial value is $80 less than the amount after 1 year.
To calculate the initial value:
Initial value = Amount after 1 year - Increase per year
In this case:
Initial value = $1,080 - $80
Initial value = $1,000
So, the initial value in the bank account is $1,000.