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Mamadou invests money in an account paying a simple interest of 4% per year. If no money will be added or removed from the investment, what should he multiply his current balance by to find his total balance in a year in one step? Answer:

Mamadou invests money in an account paying a simple interest of 4% 4 \% per year. If no money will be added or removed from the investment, what should he multiply his current balance by to find his total balance in a year in one step?\newlineAnswer:

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Q. Mamadou invests money in an account paying a simple interest of 4% 4 \% per year. If no money will be added or removed from the investment, what should he multiply his current balance by to find his total balance in a year in one step?\newlineAnswer:
  1. Calculate Interest Formula: To find the total balance after one year with simple interest, we need to calculate the interest earned and add it to the original balance. The formula for simple interest is I=P×r×tI = P \times r \times t, where II is the interest, PP is the principal amount (initial balance), rr is the interest rate per period, and tt is the time in periods. Since we want to find the total balance in one step, we need to find a multiplier that includes both the original balance and the interest earned.
  2. Convert Interest Rate: The interest rate is 4%4\% per year, which can be written as a decimal by dividing by 100100. So, 4%4\% becomes 0.040.04.
  3. Find Total Balance: To find the total balance including the interest, we add 11 (which represents the original balance) to the interest rate expressed as a decimal. This gives us 1+0.04=1.041 + 0.04 = 1.04. This means Mamadou should multiply his current balance by 1.041.04 to find his total balance after one year.

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