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 find the equation that represents the amount of money in Josiah's account after a certain number of years, we need to use the formula for compound interest. The formula for the future value [tex]\( y \)[/tex] of an investment is:
[tex]\[ y = P(1 + r)^x \][/tex]
Where:
- [tex]\( y \)[/tex] is the future value of the investment,
- [tex]\( P \)[/tex] is the principal amount (initial investment),
- [tex]\( r \)[/tex] is the annual interest rate (expressed as a decimal),
- [tex]\( x \)[/tex] is the number of years the money is invested.
Given:
- The principal amount [tex]\( P = 360 \)[/tex] dollars,
- The annual interest rate [tex]\( r = 3\% = 0.03 \)[/tex],
- The time in years is [tex]\( x \)[/tex].
Plug these values into the formula:
[tex]\[ y = 360(1 + 0.03)^x \][/tex]
Simplify the equation:
[tex]\[ y = 360(1.03)^x \][/tex]
So, the equation that represents the amount of money in Josiah's account after [tex]\( x \)[/tex] years is:
[tex]\[ y = 360(1.03)^x \][/tex]
Therefore, the correct choice is:
[tex]\( y = 360(1.03)^x \)[/tex]
[tex]\[ y = P(1 + r)^x \][/tex]
Where:
- [tex]\( y \)[/tex] is the future value of the investment,
- [tex]\( P \)[/tex] is the principal amount (initial investment),
- [tex]\( r \)[/tex] is the annual interest rate (expressed as a decimal),
- [tex]\( x \)[/tex] is the number of years the money is invested.
Given:
- The principal amount [tex]\( P = 360 \)[/tex] dollars,
- The annual interest rate [tex]\( r = 3\% = 0.03 \)[/tex],
- The time in years is [tex]\( x \)[/tex].
Plug these values into the formula:
[tex]\[ y = 360(1 + 0.03)^x \][/tex]
Simplify the equation:
[tex]\[ y = 360(1.03)^x \][/tex]
So, the equation that represents the amount of money in Josiah's account after [tex]\( x \)[/tex] years is:
[tex]\[ y = 360(1.03)^x \][/tex]
Therefore, the correct choice is:
[tex]\( y = 360(1.03)^x \)[/tex]
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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