Tim deposits money in a certificate of deposit account. the balance (in dollars) in his account t years after making
the deposit is given by t(t) = 1000(1.06)t for t ≥ 0
b. by what percent does the value of t(t) grow each year? explain by writing a recursive formula for the
sequence t(1), t(2), t(3), etc.

6%

Step-by-step explanation:

First, you need to know how to calculate the increase percentage of one quantity relative to another quantity. You need to use the following expression:

For example, if a group of 50 students increased to 60 students from 2018 to 2019, what is the percentage increase of the number of students?

In order to calculate the percentage increase each year with the values of the recursive formula, we have to calculate T(1), T(2) and T(3):

Now, the questions are: what is the increase percentage from T(1) to T(2) and from T(2) to T(3) (note that these results must be the same). Let's do the math:

In conclusion, T(t) increases 6% each year.

answer: it's a

step-by-step explanation: