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 amount of money in the account after \( x \) years, we use the compound interest formula:
$$
y = P(1 + r)^x,
$$
where:
- \( P \) is the initial principal,
- \( r \) is the annual interest rate (in decimal form),
- \( x \) is the number of years,
- \( y \) is the amount in the account after \( x \) years.
Given:
- \( P = 360 \),
- \( r = 0.03 \) (since \( 3\% = 0.03 \)).
Substitute these values into the formula:
\[
y = 360(1 + 0.03)^x.
\]
Simplify the expression inside the parentheses:
\[
1 + 0.03 = 1.03.
\]
Thus, the equation becomes:
$$
y = 360(1.03)^x.
$$
Comparing this with the multiple-choice options, we see that the correct equation is:
$$
y = 360(1.03)^x.
$$
So, the answer is \( y = 360(1.03)^x \).
$$
y = P(1 + r)^x,
$$
where:
- \( P \) is the initial principal,
- \( r \) is the annual interest rate (in decimal form),
- \( x \) is the number of years,
- \( y \) is the amount in the account after \( x \) years.
Given:
- \( P = 360 \),
- \( r = 0.03 \) (since \( 3\% = 0.03 \)).
Substitute these values into the formula:
\[
y = 360(1 + 0.03)^x.
\]
Simplify the expression inside the parentheses:
\[
1 + 0.03 = 1.03.
\]
Thus, the equation becomes:
$$
y = 360(1.03)^x.
$$
Comparing this with the multiple-choice options, we see that the correct equation is:
$$
y = 360(1.03)^x.
$$
So, the answer is \( y = 360(1.03)^x \).
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