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 which equation represents the amount of money in Josiah's account after a certain number of years, we need to think about how interest works.
Josiah invests [tex]$360 into an account with an annual interest rate of 3%. This situation can be modeled using the formula for compound interest:
\[ y = \text{Principal} \times (1 + \text{Interest Rate})^x \]
- Principal is the initial amount of money invested, which is $[/tex]360.
- Interest Rate is given as 3%, which we convert to a decimal (0.03) for calculations.
- [tex]\(x\)[/tex] is the number of years the money is invested.
Substituting these values into the formula, we get:
[tex]\[ y = 360 \times (1 + 0.03)^x \][/tex]
Simplifying inside the parentheses:
[tex]\[ y = 360 \times (1.03)^x \][/tex]
Therefore, 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]
This equation accounts for the accumulated interest over [tex]\(x\)[/tex] years, resulting in the total amount in the account. Among the given options, the correct one is:
[tex]\[ y = 360(1.03)^x \][/tex]
Josiah invests [tex]$360 into an account with an annual interest rate of 3%. This situation can be modeled using the formula for compound interest:
\[ y = \text{Principal} \times (1 + \text{Interest Rate})^x \]
- Principal is the initial amount of money invested, which is $[/tex]360.
- Interest Rate is given as 3%, which we convert to a decimal (0.03) for calculations.
- [tex]\(x\)[/tex] is the number of years the money is invested.
Substituting these values into the formula, we get:
[tex]\[ y = 360 \times (1 + 0.03)^x \][/tex]
Simplifying inside the parentheses:
[tex]\[ y = 360 \times (1.03)^x \][/tex]
Therefore, 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]
This equation accounts for the accumulated interest over [tex]\(x\)[/tex] years, resulting in the total amount in the account. Among the given options, the correct one 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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