A savings account with $1,000 has no other
deposits or withdrawals made. The account earns
2.5% annual interest t years after the $1,000 was
deposited. The function f(t) = 1,000(1.025)* can
be used to represent the balance, in dollars, in
the savings account.
Which amount is closest to f(5), the balance, in
dollars, in the account at the end of 5 years?
