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 :
The equation y = 360(1.03)^x represents the amount of money in Josiah’s account after x years.
What is compound interest?
Compound interest is the type of interest in which the interest is taken from the principal amount as well as the accumulated interest from the previous years. The formula for finding the total amount using compound interest is shown below :
A = P(1 + r)^t
- Where A is the total amount,
- P is the principal amount,
- r is i/100 and,
- t is the number of years.
Now we can make a formula from the given information. Substitute the values of all the variables:
y = 360(1 + 3/100)^x
⇒ y = 360(1.03)^x
Compare this to the given equations. We can clearly see that equations A, B, and C are wrong. But we can see that option D is correct.
Therefore, we can say that the equation y = 360(1.03)^x represents the amount of money in Josiah’s account after x years. The correct answer is option D.
Learn more about compound interest here: https://brainly.com/question/24924853
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