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?
y = 360(1.3)x
y = 360(0.3)x
y = 360(0.03)x
y = 360(1.03)x

Answer 1

Answer:

y = 360(1.03)x

Step-by-step explanation:

$F = P x (1 + i)^n$

F is the future worth, P is the present worth, I will be the interest rate, and n is the number of years. $F = ( 360)(1.03)^x$

The principal amount of the money = $360

Annual rate of interest = 3%

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

Since, this amount represented by y,

The required equation that represents the amount of money in Josiah’s  account, y, after x years is, $= 360(1+\frac{3}{100} )^x\\ = 360(1+0.03 )^x\\ = 360(1.03 )^x$

This amount represented by y,

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

$y = 360(1.03 )^x$

Hope this helps you!

Have a nice evening! ;)

Answer 2

Answer: The correct answer is D: y = 360(1.03)x.

i just did the quiz and got it right

hope this helps :)