We appreciate your visit to Josiah invests 360 into an account that accrues tex 3 tex interest annually Assuming no withdrawals are made which equation represents the amount of money. 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 correct equation that represents the amount of money in Josiah's account, we need to understand how compound interest works. Here's a step-by-step explanation:
1. Initial Investment: Josiah starts by investing $360.
2. Interest Rate: The account accrues interest at a rate of [tex]\(3\%\)[/tex] annually.
3. Compound Interest Formula: The general formula for compound interest is:
[tex]\[
y = P(1 + r)^x
\][/tex]
- [tex]\(y\)[/tex] is the amount of money in the account after [tex]\(x\)[/tex] years.
- [tex]\(P\)[/tex] is the principal amount (the initial investment).
- [tex]\(r\)[/tex] is the annual interest rate in decimal form (so [tex]\(3\%\)[/tex] becomes [tex]\(0.03\)[/tex]).
- [tex]\(x\)[/tex] is the number of years the money is invested or compounded.
4. Substituting the Given Values:
- [tex]\(P = 360\)[/tex]
- [tex]\(r = 0.03\)[/tex]
- The expression inside the parentheses becomes [tex]\(1 + 0.03 = 1.03\)[/tex].
5. Final Equation: When you plug these values into the compound interest formula, you get:
[tex]\[
y = 360(1.03)^x
\][/tex]
Therefore, the correct equation that represents the amount of money in Josiah’s account, after interest is compounded annually, is:
[tex]\[
y = 360(1.03)^x
\][/tex]
This matches with the option: [tex]\(y=360(1.03)^x\)[/tex].
1. Initial Investment: Josiah starts by investing $360.
2. Interest Rate: The account accrues interest at a rate of [tex]\(3\%\)[/tex] annually.
3. Compound Interest Formula: The general formula for compound interest is:
[tex]\[
y = P(1 + r)^x
\][/tex]
- [tex]\(y\)[/tex] is the amount of money in the account after [tex]\(x\)[/tex] years.
- [tex]\(P\)[/tex] is the principal amount (the initial investment).
- [tex]\(r\)[/tex] is the annual interest rate in decimal form (so [tex]\(3\%\)[/tex] becomes [tex]\(0.03\)[/tex]).
- [tex]\(x\)[/tex] is the number of years the money is invested or compounded.
4. Substituting the Given Values:
- [tex]\(P = 360\)[/tex]
- [tex]\(r = 0.03\)[/tex]
- The expression inside the parentheses becomes [tex]\(1 + 0.03 = 1.03\)[/tex].
5. Final Equation: When you plug these values into the compound interest formula, you get:
[tex]\[
y = 360(1.03)^x
\][/tex]
Therefore, the correct equation that represents the amount of money in Josiah’s account, after interest is compounded annually, is:
[tex]\[
y = 360(1.03)^x
\][/tex]
This matches with the option: [tex]\(y=360(1.03)^x\)[/tex].
Thanks for taking the time to read Josiah invests 360 into an account that accrues tex 3 tex interest annually Assuming no withdrawals are made which equation represents the amount of money. 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
