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

Question

Mathematics

Stephen Goodwin

24 April, 17:25

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

+4

Answers (1)

Know the Answer?

Tamara · Answer 1

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)

Brad wants to open a new savings account. He finds one that returns 3% on his investment each year.Question 1Assign a variable to each of the following pieces of informationFinal balanceInitial investmentReturn rate

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