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 which equation represents the amount of money in Josiah's account after a certain number of years, we need to understand how interest compounded annually works.
1. Initial Investment: Josiah starts with an initial amount of $360.
2. Interest Rate: The account accrues interest at a rate of 3% annually. As a decimal, this rate is 0.03.
3. Annual Compounding Formula: When interest is compounded annually, the formula to calculate the amount of money after a certain number of years is:
[tex]\[
A = P(1 + r)^x
\][/tex]
where:
- [tex]\( A \)[/tex] is the amount of money after [tex]\( x \)[/tex] years,
- [tex]\( P \)[/tex] is the principal amount (initial investment),
- [tex]\( r \)[/tex] is the annual interest rate (as a decimal),
- [tex]\( x \)[/tex] is the number of years.
4. Substitute the Values:
- The principal, [tex]\( P \)[/tex] = 360.
- The interest rate, [tex]\( r \)[/tex] = 0.03.
Plug these values into the formula:
[tex]\[
y = 360(1 + 0.03)^x
\][/tex]
5. Simplify the Equation:
[tex]\[
y = 360(1.03)^x
\][/tex]
Therefore, the correct equation that represents the amount of money in Josiah's account after [tex]\( x \)[/tex] years is:
[tex]\[
y = 360(1.03)^x
\][/tex]
This matches with one of the provided options:
- [tex]\( y = 360(1.03)^x \)[/tex]
1. Initial Investment: Josiah starts with an initial amount of $360.
2. Interest Rate: The account accrues interest at a rate of 3% annually. As a decimal, this rate is 0.03.
3. Annual Compounding Formula: When interest is compounded annually, the formula to calculate the amount of money after a certain number of years is:
[tex]\[
A = P(1 + r)^x
\][/tex]
where:
- [tex]\( A \)[/tex] is the amount of money after [tex]\( x \)[/tex] years,
- [tex]\( P \)[/tex] is the principal amount (initial investment),
- [tex]\( r \)[/tex] is the annual interest rate (as a decimal),
- [tex]\( x \)[/tex] is the number of years.
4. Substitute the Values:
- The principal, [tex]\( P \)[/tex] = 360.
- The interest rate, [tex]\( r \)[/tex] = 0.03.
Plug these values into the formula:
[tex]\[
y = 360(1 + 0.03)^x
\][/tex]
5. Simplify the Equation:
[tex]\[
y = 360(1.03)^x
\][/tex]
Therefore, the correct equation that represents the amount of money in Josiah's account after [tex]\( x \)[/tex] years is:
[tex]\[
y = 360(1.03)^x
\][/tex]
This matches with one of the provided options:
- [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
