Answer:
The function to track the amount is [tex]y = a (1+r)^{t}[/tex] and the value of amount is $1170 .
Step-by-step explanation:
As given
A savings account compounds interest, at a rate of 17%, once a year. John puts $1,000 in the account as the principal.
The function is defined as
[tex]y = a (1+r)^{t}[/tex]
Where a is the principle value , r is the rate of interest in the decimal form and t is the time in years .
P = $1000
17% is written in the decimal form .
[tex]= \frac{17}{100}[/tex]
= 0.17
r = 0.17
t = 1 years
Put all the values in the function
[tex]y = 1000(1+0.17)^{1}[/tex]
[tex]y = 1000(1.17)^{1}[/tex]
[tex]y = 1000\times 1.17[/tex]
y = $1170
Therefore the function to track the amount is [tex]y = a (1+r)^{t}[/tex] and the value of amount is $1170 .
