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? A. y = 360(1.3)x B. y = 360(0.3)x C. y = 360(0.03)x D. y = 360(1.03)x

Answer 1

The answer is D on ingenuity 

Answer 2

3% is 0.03 so the multiplier for each year (growth factor) is 1.03 so the answer is D.