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Marques invests money in an account paying a simple interest of
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?

0.08 m

1.08 m

8m

1.008 m

Marques invests money in an account paying a simple interest of $8 \%$ 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? $\newline$ $0.08 m$ $\newline$ $1.08 m$ $\newline$ $8 m$ $\newline$ $1.008 m$

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Compound interest

Full solution

Q. Marques invests money in an account paying a simple interest of

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?

\newline

0.08 m

\newline

1.08 m

\newline

8 m

\newline

1.008 m

Calculate Simple Interest: Simple interest is calculated by multiplying the principal amount (the initial amount of money) by the interest rate and the time period. Since the time period is one year, the interest earned will be $m$ (the principal) multiplied by $0.08$ (the interest rate as a decimal). $\newline$ Interest = Principal $\times$ Interest Rate $\times$ Time $\newline$ Interest = $m \times 0.08 \times 1$ $\newline$ Interest = $0.08m$
Find Total Balance: To find the total balance after a year, we need to add the interest earned to the original principal amount. $\newline$ Total Balance $= \text{Principal} + \text{Interest}$ $\newline$ Total Balance $= m + 0.08m$
Combine Like Terms: Combining like terms gives us the expression for the total balance after a year. $\newline$ Total Balance = $1m + 0.08m$ $\newline$ Total Balance = $1.08m$

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