Question

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?​

Answer 1

Answer:

let me explain

Step-by-step explanation:

Let he invested for X years with rate of 3%

case 1 by simple interest

3×x+100/100×360

let us consider that Josiah invested money for 4 years then

3×4+100/100×360

112/100×360

112/25×90 = 112/5×18=......

in case second

compound interest

amount is 360

let say he invested money for X years

then amount will be 360(100+rate/100)^x

360×(103/100)^4

Answer 2

Step-by-step explanation:

The future amount of money that is invested currently at a certain interest that is compounded annually is calculated through the equation,

               F = P x (1 + i)^n

where F is the future worth, P is the present worth, i is the interest rate, and n is the number of years. Substituting the known values and variables in the given, F = ($360)(1.03)^x

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