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Question 2
Use the variables to write a formula for the final balance after 1 year.

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Final answer:

To calculate the final balance after 1 year, use the simple interest formula: Final Balance = Principal × (1 + Interest Rate × Time). Use the given variables in the formula to find the answer.

Step-by-step explanation:

In order to calculate the final balance after 1 year, you can use the formula for simple interest:

Final Balance = Principal × (1 + Interest Rate × Time)

Where:

  • Principal is the initial amount of money
  • Interest Rate is the rate at which interest is applied
  • Time is the number of years

For example, if you have a principal amount of $5000 and an interest rate of 4%, the formula would be:

Final Balance = $5000 × (1 + 0.04 × 1) = $5200

User George Chond
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