Question

Josiah invests $360 into an account that accrues 3% interest annually. Assuming no deposits or withdrawals are made, which equation represents the amount of money in Josiah’s account, y, after x years?

Answer 1

y = 360(0.03)x

Explanation:

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Answer 2

`y=\$360(1+0.03x)`

Explanation:

we know that

The simple interest formula is equal to

`y=P(1+rx)`

where

y is the Final Investment Value

P is the Principal amount of money to be invested

r is the rate of interest

x is Number of Time Periods

in this problem we have

`P=\$360\\r=0.03`

substitute in the formula above

`y=\$360(1+0.03x)`