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?

$y = 360(1.3)^x$
$y = 360(0.3)^x$
$y = 360(0.03)^x$
$y = 360(1.03)^x$

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 josiahs account, y, after x years?

$y = 360(1.3)^x$
$y = 360(0.3)^x$
$y = 360(0.03)^x$
$y = 360(1.03)^x$

Accepted Answer

{ "quality": "clear", "question_count": 1, "skills_matched": [ "step_cot", "multiple_choice_formatter", "explain_then_answer", "quick" ], "needs_drawing": false, "concepts_used": [ "Exponential Growth Model" ], "new_concepts": [], "current_concepts": [ "Exponential Growth Model", "Exponential Equations" ] } ## Identify the initial value and growth rate $$ \begin{aligned} a &= 360 \ r &= 3\% = 0.03 \end{aligned} $$ ## Determine the growth factor $$ 1 + r = 1 + 0.03 = 1.03 $$ ## Formulate the exponential equation $$ y = 360(1.03)^x $$

(A) $y = 360(1.3)^x$

(B) $y = 360(0.3)^x$

(C) $y = 360(0.03)^x$

(D) $y = 360(1.03)^x$

{ "subject": "Mathematics", "question_type": "Multiple Choice", "knowledge_point": [ "Mathematics", "Algebra", "Exponential Growth Model" ] }

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QUESTION IMAGE

Question

Explanation:

Identify the initial value and growth rate

Determine the growth factor

Formulate the exponential equation

Answer: