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 josiahs 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

y = 360 (1.03)^x

Explanation:

Amount in account = principle * (1+ rate) ^ time

When the interest is annual

rate is in decimal form and time is in years

y = 360 ( 1+.03) ^x

y = 360 (1.03)^x