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 equation that represents the amount of money in Josiah's account after a certain number of years, we need to understand how interest is applied to investments.
Josiah invests \[tex]$360 into an account with an annual interest rate of 3%. An annual interest rate means that each year, 3% of the money currently in the account is added to the account balance.
The formula to calculate the amount of money in an account with compound interest is given by:
\[ y = P(1 + r)^x \]
Where:
- \( y \) is the amount of money in the account after \( x \) years.
- \( P \) is the principal amount (initial investment), which is \$[/tex]360 in this case.
- [tex]\( r \)[/tex] is the annual interest rate expressed as a decimal. Since the interest rate is 3%, [tex]\( r = 0.03 \)[/tex].
- [tex]\( x \)[/tex] is the number of years the money is invested.
Let's plug the values into the formula:
1. Substitute [tex]\( P \)[/tex] with 360.
2. Substitute [tex]\( r \)[/tex] with 0.03.
This gives us:
[tex]\[ y = 360(1 + 0.03)^x \][/tex]
Simplify [tex]\( 1 + 0.03 \)[/tex] to get 1.03:
[tex]\[ y = 360(1.03)^x \][/tex]
Thus, 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]
Josiah invests \[tex]$360 into an account with an annual interest rate of 3%. An annual interest rate means that each year, 3% of the money currently in the account is added to the account balance.
The formula to calculate the amount of money in an account with compound interest is given by:
\[ y = P(1 + r)^x \]
Where:
- \( y \) is the amount of money in the account after \( x \) years.
- \( P \) is the principal amount (initial investment), which is \$[/tex]360 in this case.
- [tex]\( r \)[/tex] is the annual interest rate expressed as a decimal. Since the interest rate is 3%, [tex]\( r = 0.03 \)[/tex].
- [tex]\( x \)[/tex] is the number of years the money is invested.
Let's plug the values into the formula:
1. Substitute [tex]\( P \)[/tex] with 360.
2. Substitute [tex]\( r \)[/tex] with 0.03.
This gives us:
[tex]\[ y = 360(1 + 0.03)^x \][/tex]
Simplify [tex]\( 1 + 0.03 \)[/tex] to get 1.03:
[tex]\[ y = 360(1.03)^x \][/tex]
Thus, 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!
- Why do Businesses Exist Why does Starbucks Exist What Service does Starbucks Provide Really what is their product.
- The pattern of numbers below is an arithmetic sequence tex 14 24 34 44 54 ldots tex Which statement describes the recursive function used to..
- Morgan felt the need to streamline Edison Electric What changes did Morgan make.
Rewritten by : Barada
