Question

Mary deposits $550 in a savings account at 3% simple annual interest. The value of this account, v, is given by the function v = 550 + 16.5t, in which t is the number of years the money is in the bank. What is the domain & range of this function?

Answer 1

Answer: $Domain = \{t: t\geq 0\}=[0,\infty)$ and $Range = \{v: v\geq 550\}=[550,\infty)$.

Step-by-step explanation:

It is given that, the value of this account, v, is given by the function

$v=550+16.5t$

where, t is the number of years the money is in the bank.

We need to find the domain & range of this function.

Domain is the set of input values. Here, the domain is number of years which cannot be negative. So,

$Domain = \{t: t\geq 0\}=[0,\infty)$

Range is the set of output values. Here, the range is amount after simple interest which cannot be less than the principal value.

$Range = \{v: v\geq 550\}=[550,\infty)$