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ArbitrLikvidat [17]
2 years ago
10

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

y, after x years?
Mathematics
1 answer:
MAVERICK [17]2 years ago
5 0

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

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