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

Hi there

The equation is
Y (x)=360 (1.03)^x

Hope it helps

Answer 2

`y=360(1.03)^x`

Explanation:

We are given that

Principle amount of money=$360

Annually interest, r=3%

We have to find the equation that represents the amount of money in Josiah's account.

Let total time =x years

Total amount of money represented by y.

Amount in x years is given by

`A=P(1+(r)/(100))^x`

Where

P=Principle amount of money

r=Rate of interest( in%)

x=Time(in years)

Substitute the values in the given formula

Then, we get

`y=360(1+(3)/(100))^x`

`y=360(1+0.03)^x`

`y=360(1.03)^x`

Hence, the equation represents the amount of money in Josiah's account y after x years is given by

`y=360(1.03)^x`