We appreciate your visit to Josiah invests tex 360 tex into an account that accrues tex 3 tex interest annually Assuming no deposits or withdrawals are made which equation represents. This page offers clear insights and highlights the essential aspects of the topic. Our goal is to provide a helpful and engaging learning experience. Explore the content and find the answers you need!
Answer :
To determine the equation that represents the amount of money in Josiah's account after a certain number of years, we need to think about how compound interest works.
Josiah invests [tex]$360 in an account with an annual interest rate of 3%. The formula for calculating the amount of money in an account with compound interest is:
\[ y = P(1 + r)^x \]
where:
- \( y \) is the amount of money after \( x \) years,
- \( P \) is the principal amount (initial amount), which is $[/tex]360 in this case,
- [tex]\( r \)[/tex] is the annual interest rate (expressed as a decimal), which is 3% or 0.03,
- [tex]\( x \)[/tex] is the number of years the money is invested for.
Plugging the given values into the formula, we have:
[tex]\[ y = 360(1 + 0.03)^x \][/tex]
This simplifies to:
[tex]\[ y = 360(1.03)^x \][/tex]
Therefore, the correct equation that represents the amount of money in Josiah's account after [tex]\( x \)[/tex] years is:
[tex]\[ y = 360(1.03)^x \][/tex]
This equation shows that the amount of money increases each year by 3%, applied to the total amount in the account at the start of that year.
Josiah invests [tex]$360 in an account with an annual interest rate of 3%. The formula for calculating the amount of money in an account with compound interest is:
\[ y = P(1 + r)^x \]
where:
- \( y \) is the amount of money after \( x \) years,
- \( P \) is the principal amount (initial amount), which is $[/tex]360 in this case,
- [tex]\( r \)[/tex] is the annual interest rate (expressed as a decimal), which is 3% or 0.03,
- [tex]\( x \)[/tex] is the number of years the money is invested for.
Plugging the given values into the formula, we have:
[tex]\[ y = 360(1 + 0.03)^x \][/tex]
This simplifies to:
[tex]\[ y = 360(1.03)^x \][/tex]
Therefore, the correct equation that represents the amount of money in Josiah's account after [tex]\( x \)[/tex] years is:
[tex]\[ y = 360(1.03)^x \][/tex]
This equation shows that the amount of money increases each year by 3%, applied to the total amount in the account at the start of that year.
Thanks for taking the time to read Josiah invests tex 360 tex into an account that accrues tex 3 tex interest annually Assuming no deposits or withdrawals are made which equation represents. We hope the insights shared have been valuable and enhanced your understanding of the topic. Don�t hesitate to browse our website for more informative and engaging content!
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