Question

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 płeces of information:
• final balance
• initial investment
• return rate
use the variable to write a formula for the final balance after 2 years

Answer 1

1.03 I got as my answer i’m not sure tho

Answer 2

1.03x

Explanation:

1 year b would be the inital investment added with interest

i believe this is the equation

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

and since it says 3% each year we know its 0.03 (r)

and when you solve it out you get that answer