David invests money in an account paying a simple interest of 5.8% 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? m+0.058 1.0058 m 1.058 m 5.8 m

Question

David invests money in an account paying a simple interest of  5.8% 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?  m+0.058  1.0058 m  1.058 m  5.8 m

Bytelearn · Accepted Answer

Understand Simple Interest Formula: First, we need to understand the formula for simple interest. The formula for the total amount after interest is: Total Amount = Principal Amount + (Principal Amount * Interest Rate * Time) Since the time is 1 year, the formula simplifies to: Total Amount = Principal Amount + (Principal Amount * Interest Rate) Let's denote the Principal Amount by m and the Interest Rate by 5.8% or 0.058 as a decimal.Apply Formula to David's Investment: Now, we will apply the simple interest formula to David's investment. Total Amount = m + (m * 0.058)Simplify Expression by Distributing: Simplify the expression by distributing m. Total Amount = m + 0.058mCombine Like Terms: Combine like terms to get the final expression. Total Amount = 1m + 0.058m Total Amount = 1.058m This is the expression that represents David's balance after a year with simple interest of 5.8%.

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