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11 January, 11:59

Brad wants to open a new savings account. He finds one that returns 3% on his investment each year.

Question 1

Assign a variable to each of the following pieces of information

Final balance

Initial investment

Return rate

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Answers (1)
  1. 11 January, 14:41
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    Step-by-step explanation:

    Return rate, r = 3% = 0.03

    x = initial investment

    b = final balance

    After 1 year, the balance i

    b = initial investment + interest

    b = x + r*x = (1 + r) * x

    Because r = 0.03,

    b = 1.03x (after 1 year)
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