Answer:
The amount of interest earned at the end of 14 years would be $672.3486
Step-by-step explanation:
This is a simple interest problem.
The simple interest formula is given by:
In which E are the earnings, P is the principal(the initial amount of money), I is the interest rate(yearly, as a decimal) and t is the time.
In this problem, we have that:
So
The amount of interest earned at the end of 14 years would be $672.3486
Answer:
y = 360(1.03)x
Step-by-step explanation:
F is the future worth, P is the present worth, I will be the interest rate, and n is the number of years.
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,
This amount represented by y,
Therefore, the required equation that represents the amount of money in Josiah’s account, y, after x years is,
Hope this helps you!
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