Daniel deposits $300 into an account that earns 16% interest annually. Which equation can be used to model his account balance,

Question

3 years ago

10

y, after x years?

1 answer:

MAVERICK [17] · Answer 1 · 2022-09-14T15:37:44+03:00

Answer:

$y=300(1+0.16)^x$

Step-by-step explanation:

<h2>This account can be modeled using the compound interest formula.</h2><h2>the compound interest formula is expressed as</h2>

$A= P(1+r )^t$

Where

A =final amount = y

P=initial principal balance = $300

r=interest rate = 16%= 0.16

t=number of time periods elapsed= x

Hence the equation to model his account balance/ final amount A (y) after time (x) years is

$y=300(1+0.16)^x$