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Answer:
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>
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