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

Good luck!

Answer 2

`y = 360(1.03)^x`

Explanation:

Here, x represents the number of year and y represents the amount after x years,

Given,

The initial amount, P = $ 360,

The compound rate of interest per year, r = 3 %,

Thus, the amount after x years would be,

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

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

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

`\implies y = 360(1.03)^x`

Which is the required equation.