osiah invests $360 into an account that accrues 3% interest annually. Assuming no deposits or withdrawals are made, which equation represents the amount of money in Josiah's account, y, after x years? y = 360 (1.3) x y = 360 (0.3) x y = 360 (0.03) x y = 360 (1.03) x

Question

Mathematics

Maeve Jenkins

27 April, 02:41

osiah invests $360 into an account that accrues 3% interest annually. Assuming no deposits or withdrawals are made, which equation represents the amount of money in Josiah's account, y, after x years? y = 360 (1.3) x y = 360 (0.3) x y = 360 (0.03) x y = 360 (1.03) x

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Selah Boyle · Answer 1

The standard compound interest formula is

Future value after x years with an annual interest of i

=Present Value (1+i) ^x [which is an exponential function]

for given present value of $360. interest=0.03 (3%) and a total of x years, above equation reduces to

Future value after x years

=360 (1.03^x)