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nataly862011 [7]
3 years ago
9

Josiah invests $360 into an account that accrues 3% interest annually. Assuming no deposits or withdrawals are made, which equat

ion represents the amount of money in Josiah’s account, y, after x years?
Mathematics
2 answers:
Afina-wow [57]3 years ago
4 0
<span>The future amount of money that is invested currently at a certain interest that is compounded annually is calculated through the equation,
               F = P x (1 + i)^n
where F is the future worth, P is the present worth, i is the interest rate, and n is the number of years. Substituting the known values and variables in the given, F = ($360)(1.03)^x</span>
Olin [163]3 years ago
3 0

Answer:  y = 360(1.03)^x

Step-by-step explanation:

Since, the principal amount of the money = $ 360

Annual rate of interest = 3%

Thus, the amount after x years which is increased by 3 %,

= 360(1+\frac{3}{100} )^x

= 360(1+0.03 )^x

= 360(1.03 )^x

Since, this amount represented by y,

Thus, the required equation that represents the amount of money in Josiah’s account, y, after x years is,

y = 360(1.03 )^x

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