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 use the formula for compound interest. Since Josiah's account accrues interest annually, we'll use the following compound interest formula:
[tex]\[ y = P(1 + r)^x \][/tex]
Where:
- [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 amount of money (in this case, [tex]$360).
- \( r \) is the annual interest rate (expressed as a decimal).
- \( x \) is the number of years the money is invested.
Given:
- The principal \( P = \$[/tex]360 \).
- The annual interest rate is 3%, so [tex]\( r = 0.03 \)[/tex].
Let's substitute these values into the formula:
1. Add the interest rate to 1: [tex]\( 1 + r = 1 + 0.03 = 1.03 \)[/tex].
2. Use the formula: [tex]\( y = 360(1.03)^x \)[/tex].
Therefore, the equation that represents the amount of money in the account after [tex]\( x \)[/tex] years is:
[tex]\[ y = 360(1.03)^x \][/tex]
So the correct option is:
[tex]\[ y = 360(1.03)^x \][/tex]
[tex]\[ y = P(1 + r)^x \][/tex]
Where:
- [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 amount of money (in this case, [tex]$360).
- \( r \) is the annual interest rate (expressed as a decimal).
- \( x \) is the number of years the money is invested.
Given:
- The principal \( P = \$[/tex]360 \).
- The annual interest rate is 3%, so [tex]\( r = 0.03 \)[/tex].
Let's substitute these values into the formula:
1. Add the interest rate to 1: [tex]\( 1 + r = 1 + 0.03 = 1.03 \)[/tex].
2. Use the formula: [tex]\( y = 360(1.03)^x \)[/tex].
Therefore, the equation that represents the amount of money in the account after [tex]\( x \)[/tex] years is:
[tex]\[ y = 360(1.03)^x \][/tex]
So the correct option 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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