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?

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Aliwohaish12 Aliwohaish12 · Answer 1 · 2017-06-05T18:25:27+02:00

Hi there

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

Hope it helps

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lublana lublana · Answer 2 · 2019-12-13T05:01:06+01:00

Answer:

[tex]y=360(1.03)^x[/tex]

Step-by-step 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

[tex]A=P(1+\frac{r}{100})^x[/tex]

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

[tex]y=360(1+\frac{3}{100})^x[/tex]

[tex]y=360(1+0.03)^x[/tex]

[tex]y=360(1.03)^x[/tex]

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

[tex]y=360(1.03)^x[/tex]