We appreciate your visit to Josiah invests tex 360 tex into an account that accrues 3 interest annually Assuming no deposits or withdrawals are made which equation represents the amount. 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 :
We start by identifying the key parts of the problem:
1. The principal amount is \[tex]$360.
2. The annual interest rate is 3%, which as a decimal is $[/tex]0.03[tex]$.
3. When interest is compounded annually, the formula to calculate the account balance after $[/tex]x[tex]$ years is
$[/tex][tex]$
y = \text{principal} \times (1 + \text{interest rate})^x.
$[/tex][tex]$
Substitute the given values into the formula:
$[/tex][tex]$
y = 360 \times (1 + 0.03)^x.
$[/tex][tex]$
Simplify the expression inside the parentheses:
$[/tex][tex]$
1 + 0.03 = 1.03.
$[/tex][tex]$
Thus, the equation becomes
$[/tex][tex]$
y = 360 \times (1.03)^x.
$[/tex][tex]$
This is the correct expression for the amount of money in Josiah's account after $[/tex]x$ years.
1. The principal amount is \[tex]$360.
2. The annual interest rate is 3%, which as a decimal is $[/tex]0.03[tex]$.
3. When interest is compounded annually, the formula to calculate the account balance after $[/tex]x[tex]$ years is
$[/tex][tex]$
y = \text{principal} \times (1 + \text{interest rate})^x.
$[/tex][tex]$
Substitute the given values into the formula:
$[/tex][tex]$
y = 360 \times (1 + 0.03)^x.
$[/tex][tex]$
Simplify the expression inside the parentheses:
$[/tex][tex]$
1 + 0.03 = 1.03.
$[/tex][tex]$
Thus, the equation becomes
$[/tex][tex]$
y = 360 \times (1.03)^x.
$[/tex][tex]$
This is the correct expression for the amount of money in Josiah's account after $[/tex]x$ years.
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