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Answer :
To solve this problem, follow these steps:
1. Josiah initially invests \$360.
2. The account earns an annual interest rate of 3%. This means that after one year, the account balance is increased by 3% of the balance at the beginning of the year.
3. An increase of 3% is equivalent to multiplying the original amount by the factor
$$1 + 0.03 = 1.03.$$
4. Since the interest is compounded annually, the amount after $x$ years is given by the compound interest formula:
$$y = 360(1.03)^x.$$
5. Among the provided choices, the correct equation is:
$$y = 360(1.03)^x.$$
Thus, the correct answer is the fourth option.
1. Josiah initially invests \$360.
2. The account earns an annual interest rate of 3%. This means that after one year, the account balance is increased by 3% of the balance at the beginning of the year.
3. An increase of 3% is equivalent to multiplying the original amount by the factor
$$1 + 0.03 = 1.03.$$
4. Since the interest is compounded annually, the amount after $x$ years is given by the compound interest formula:
$$y = 360(1.03)^x.$$
5. Among the provided choices, the correct equation is:
$$y = 360(1.03)^x.$$
Thus, the correct answer is the fourth option.
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