Answer:
[tex]y=300(1+0.16)^x[/tex]
Step-by-step explanation:
This account can be modeled using the compound interest formula.
the compound interest formula is expressed as
[tex]A= P(1+r )^t[/tex]
Where
A =final amount = y
P=initial principal balance
= $300
r=interest rate = 16%= 0.16
t=number of time periods elapsed= x
Hence the equation to model his account balance/ final amount A (y) after time (x) years is
[tex]y=300(1+0.16)^x[/tex]
