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

Answer:

$y=360\times (1.03)^x$

Step-by-step explanation:

given that,

Josiah invests = $360

interest annually =  3%

the amount of money in Josiah's account = y

time at which the amount of y in Josiah's account  = x

using compound  interest formula  

$A = P\times( 1+\dfrac{r}{100})^t$

$y = 360 \times( 1+\dfrac{3}{100})^x\\y=360\times (1.03)^x$

hence, the required equation comes out to be

$y=360\times (1.03)^x$

Answer 2

Using the simple interest formula, [ i=prt ],
y=360*0.03*x