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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) c. y = 360(0.03)x d. y = 360(1.03)x

User Xuguo
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2 Answers

4 votes

Answer:

y = 360(1.03)x

Step-by-step explanation:

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User Arkhwise
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4 votes
The future worth (F) of the current investment (P) with the compounded interest of i is calculated through the formula,
F = P x (1 + i)^n
Substituting the known values and the given values,
y = 360(1 + 0.03)^x
Simplifying,
y = 360(1.03)^x
Thus, the answer is letter D.
User Apirogov
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