Answer:
\(\text{y}=\$360\times(\frac{103}{100})^\text{x}\)
Step-by-step explanation:
Given: Josiah invests $360 into an account that accrues 3% interest annually.
To Find: Assuming no deposits or withdrawals are made, equation that represents the amount of money in Josiah’s account, y, after x years.
Solution:
Total amount in josiah's account after x years= \(\text{y}\)
Amount invested in account by Josiah = \(\$\) \(360\)
Interest accrued by josiah Annually = \(3\) %
Total amount of josiah after 1 year = \(\$360+\$360\times\frac{3}{100}\)
= \(\$ 360(\frac{103}{100})\)
Total amount after 2 years = \(\text{Total amount after one year}\times\frac{103}{100}= \$360\times\frac{103}{100}\times\frac{103}{100}\)
= \(\$360\times(\frac{103}{100})^2\)
Therefore,
Equation of money in josiah's account after x years
\(\text{y}=\$360\times(\frac{103}{100})^\text{x}\)
