Final answer:
The formula for lithium nitrate is LiNO₃, which is the correct chemical compound formed by combining lithium ion with a +1 charge and the nitrate ion with a -1 charge.
Step-by-step explanation:
The formula for lithium nitrate is LiNO₃. This chemical compound is formed from one lithium ion (Li+) and one nitrate ion (NO3-). Lithium nitrate is an example of an ionic compound, where the charges must balance to result in a neutral compound. Since the lithium ion has a +1 charge and the nitrate ion has a -1 charge, they combine in a 1:1 ratio, producing the formula LiNO₃. This is not to be confused with lithium oxide, whose formula is Li₂O, where two lithium ions balance one oxide ion with a -2 charge.