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 solve the problem of determining the amount of money in Josiah's account after a certain number of years, we need to use the formula for compound interest. The formula for the amount [tex]\( y \)[/tex] in the account after [tex]\( x \)[/tex] years is given by:
[tex]\[ y = P(1 + r)^x \][/tex]
where:
- [tex]\( P \)[/tex] is the principal amount (the initial investment),
- [tex]\( r \)[/tex] is the annual interest rate (expressed as a decimal),
- [tex]\( x \)[/tex] is the number of years.
In this problem:
- The principal [tex]\( P \)[/tex] is $360.
- The annual interest rate [tex]\( r \)[/tex] is 3%, which is 0.03 as a decimal.
- We need to find the expression for [tex]\( y \)[/tex] after [tex]\( x \)[/tex] years.
Plug these values into the formula:
[tex]\[ y = 360(1 + 0.03)^x \][/tex]
[tex]\[ y = 360(1.03)^x \][/tex]
This equation represents the amount of money in Josiah's account after [tex]\( x \)[/tex] years, where the account accrues a 3% interest annually. Looking at the options, the correct equation is:
[tex]\[ y = 360(1.03)^x \][/tex]
Therefore, the equation [tex]\( y = 360(1.03)^x \)[/tex] is the correct representation of the amount of money in Josiah's account after [tex]\( x \)[/tex] years.
[tex]\[ y = P(1 + r)^x \][/tex]
where:
- [tex]\( P \)[/tex] is the principal amount (the initial investment),
- [tex]\( r \)[/tex] is the annual interest rate (expressed as a decimal),
- [tex]\( x \)[/tex] is the number of years.
In this problem:
- The principal [tex]\( P \)[/tex] is $360.
- The annual interest rate [tex]\( r \)[/tex] is 3%, which is 0.03 as a decimal.
- We need to find the expression for [tex]\( y \)[/tex] after [tex]\( x \)[/tex] years.
Plug these values into the formula:
[tex]\[ y = 360(1 + 0.03)^x \][/tex]
[tex]\[ y = 360(1.03)^x \][/tex]
This equation represents the amount of money in Josiah's account after [tex]\( x \)[/tex] years, where the account accrues a 3% interest annually. Looking at the options, the correct equation is:
[tex]\[ y = 360(1.03)^x \][/tex]
Therefore, the equation [tex]\( y = 360(1.03)^x \)[/tex] is the correct representation of the amount of money in Josiah's account after [tex]\( x \)[/tex] years.
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
