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 josiahs 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 josiahs 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 the compound - interest formula

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

Step2: Identify the values of (P) and (r)

Given that (P=$360) and (r = 3%=0.03).

Step3: Substitute the values into the formula

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

Answer:

(y = 360(1.03)^x) (the fourth option)