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

Y=360(1.03)x is the correct set up

Answer 2

Answer:

$\text{y}=\ 360\times(\frac{103}{100})^\text{x}$

Step-by-step explanation:

Given: Josiah invests $360 into an account that accrues 3% interest annually.

To Find: Assuming no deposits or withdrawals are made, equation that represents the amount of money in Josiah’s account, y, after x years.

Solution:

Total amount in josiah's account after x years= $\text{y}$

Amount invested in account by Josiah = $360$

Interest accrued by josiah Annually      = $3$ %

Total amount of josiah after 1 year        = $\ 360+\ 360\times\frac{3}{100}$

                                                                = $\ 360(\frac{103}{100})$

Total amount after 2 years   =                  $\text{Total amount after one year}\times\frac{103}{100}= \ 360\times\frac{103}{100}\times\frac{103}{100}$

                                                              = $\ 360\times(\frac{103}{100})^2$

                                                                 

Therefore,

Equation of money in josiah's account after x years

                            $\text{y}=\ 360\times(\frac{103}{100})^\text{x}$