We appreciate your visit to Josiah invests 360 into an account that accrues 3 interest annually Assuming no deposits or 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 solve the problem, we first recognize that Josiah's investment earns 3% interest per year. This means his money grows by 3% every year, which can be represented as adding 3% to the original amount. In equation terms, the annual growth factor is:
[tex]$$
1 + 0.03 = 1.03.
$$[/tex]
The general formula for compound interest when no additional deposits or withdrawals are made is:
[tex]$$
y = P(1 + r)^x,
$$[/tex]
where:
- [tex]$P$[/tex] is the initial principal (in this case, \[tex]$360),
- $[/tex]r[tex]$ is the annual interest rate (as a decimal, so $[/tex]0.03[tex]$ for 3%),
- $[/tex]x[tex]$ is the number of years.
Substituting the known values into the formula:
$[/tex][tex]$
y = 360(1.03)^x.
$[/tex][tex]$
Among the provided options, this corresponds to the equation:
$[/tex][tex]$
y = 360(1.03)^x.
$[/tex]$
Thus, the correct answer is the fourth equation.
[tex]$$
1 + 0.03 = 1.03.
$$[/tex]
The general formula for compound interest when no additional deposits or withdrawals are made is:
[tex]$$
y = P(1 + r)^x,
$$[/tex]
where:
- [tex]$P$[/tex] is the initial principal (in this case, \[tex]$360),
- $[/tex]r[tex]$ is the annual interest rate (as a decimal, so $[/tex]0.03[tex]$ for 3%),
- $[/tex]x[tex]$ is the number of years.
Substituting the known values into the formula:
$[/tex][tex]$
y = 360(1.03)^x.
$[/tex][tex]$
Among the provided options, this corresponds to the equation:
$[/tex][tex]$
y = 360(1.03)^x.
$[/tex]$
Thus, the correct answer is the fourth equation.
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