jaylelile
  • jaylelile
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? y = 360(1.3)x y = 360(0.3)x y = 360(0.03)x y = 360(1.03)x
Pre-Algebra
  • Stacey Warren - Expert brainly.com
Hey! We 've verified this expert answer for you, click below to unlock the details :)
SOLVED
At vero eos et accusamus et iusto odio dignissimos ducimus qui blanditiis praesentium voluptatum deleniti atque corrupti quos dolores et quas molestias excepturi sint occaecati cupiditate non provident, similique sunt in culpa qui officia deserunt mollitia animi, id est laborum et dolorum fuga. Et harum quidem rerum facilis est et expedita distinctio. Nam libero tempore, cum soluta nobis est eligendi optio cumque nihil impedit quo minus id quod maxime placeat facere possimus, omnis voluptas assumenda est, omnis dolor repellendus. Itaque earum rerum hic tenetur a sapiente delectus, ut aut reiciendis voluptatibus maiores alias consequatur aut perferendis doloribus asperiores repellat.
chestercat
  • chestercat
I got my questions answered at brainly.com in under 10 minutes. Go to brainly.com now for free help!
marinos
  • marinos
At the beginning of the investment the balance of the account is $360. At the end of the first year, the balance of the account is the initial capital of $360 plus the interest it accrued, which is 3% * $360, so a total of $360 + 3% * $360 = (1+3%)*$360 = 1.03*$360 . At the end of the next year, the balance will be the latter amount plus its accrued interest, i.e. 1.03*$360 + 3%*1.03*$360 = (1+3%)*1.03*$360 = 1.03*1.03*$360 = 1.03^2 * $360 It is easy to see the pattern here. Can you say what will be the balance after x years, and hence conclude the answer to the problem?

Looking for something else?

Not the answer you are looking for? Search for more explanations.