Answer:
[tex]y = 360(1.03)^x[/tex]
Step-by-step explanation:
Here, x represents the number of year and y represents the amount after x years,
Given,
The initial amount, P = $ 360,
The compound rate of interest per year, r = 3 %,
Thus, the amount after x years would be,
[tex]y=P(1+\frac{r}{100})^x[/tex]
[tex]y=360(1+\frac{3}{100})^x[/tex]
[tex]y=360(1+0.03)^x[/tex]
[tex]\implies y = 360(1.03)^x[/tex]
Which is the required equation.
