Answer:
[tex]\text{y}=\$360\times(\frac{103}{100})^\text{x}[/tex]
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= [tex]\text{y}[/tex]
Amount invested in account by Josiah = [tex]\$[/tex] [tex]360[/tex]
Interest accrued by josiah Annually = [tex]3[/tex] %
Total amount of josiah after 1 year = [tex]\$360+\$360\times\frac{3}{100}[/tex]
= [tex]\$ 360(\frac{103}{100})[/tex]
Total amount after 2 years = [tex]\text{Total amount after one year}\times\frac{103}{100}= \$360\times\frac{103}{100}\times\frac{103}{100}[/tex]
= [tex]\$360\times(\frac{103}{100})^2[/tex]
Therefore,
Equation of money in josiah's account after x years
[tex]\text{y}=\$360\times(\frac{103}{100})^\text{x}[/tex]
