josiah invests $360 into an account that accrues 3% interest annually. assuming no deposits or withdrawals…

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

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

Answer

Explanation:

Step1: Recall compound - interest formula

The compound - interest formula for annual compounding is $y = P(1 + r)^x$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), $x$ is the number of years, and $y$ is the amount of money after $x$ years.

Step2: Identify the values of $P$ and $r$

Given that $P=$360$ and the annual interest rate is $3%$. Convert $3%$ to decimal form: $r = 0.03$.

Step3: Substitute values into the formula

Substitute $P = 360$ and $r=0.03$ into the formula $y = P(1 + r)^x$. We get $y = 360(1 + 0.03)^x=360(1.03)^x$.

Answer:

D. $y = 360(1.03)^x$