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Kadeem invests money in an account paying a simple interest of 5% per year. If m represents
the amount of money he invests, which expression represents his balance after a year,
assuming he makes no additional withdrawals or deposits?

⚠️PLS HELP LOL⚠️

Answer 1

The expression that represents Kadeem's balance after a year, assuming no additional withdrawals or deposits, is m(1 + 0.0005).

The formula for calculating simple interest is given by:

`\[ \text{Simple Interest} = (P \cdot r \cdot t)/(100) \]`

where:

- P is the principal amount (the initial amount of money invested),

- r is the interest rate per period (in decimal form),

- t is the time the money is invested for (in years).

In this case, the interest rate is 5%, which can be expressed as r = 0.05 in decimal form, and the time is 1 year. Therefore, the expression for the balance after a year (A) can be represented as:

`\[ A = P + \text{Simple Interest} \]`

Substitute the formula for simple interest:

`\[ A = P + (P \cdot r \cdot t)/(100) \]`

Now, replace P with m (the amount of money Kadeem invests), r with 0.05, and t with 1:

`\[ A = m + (m \cdot 0.05 \cdot 1)/(100) \]`

Simplify the expression:

`\[ A = m + (0.05m)/(100) \]`

Combine the terms:

A = m + 0.0005m

Factor out m:

A = m(1 + 0.0005)

So, the expression that represents Kadeem's balance after a year, assuming no additional withdrawals or deposits, is m(1 + 0.0005).