Xin invests money in an account paying a simple interest of 3.5% per year. If m represents the amount of money she invests, which expression represents her balance after a year, assuming she makes no additional withdrawals or deposits? 1+0.035 3.5 m m+0.035 m m+0.035

Question

Xin invests money in an account paying a simple interest of  3.5% per year. If  m represents the amount of money she invests, which expression represents her balance after a year, assuming she makes no additional withdrawals or deposits?  1+0.035  3.5 m  m+0.035 m  m+0.035

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Understand simple interest: Understand the concept of simple interest. Simple interest is calculated by multiplying the principal amount (the initial amount of money), the interest rate, and the time period involved. The formula for simple interest is I = P * r * t, where I is the interest earned, P is the principal amount, r is the interest rate, and t is the time in years. Since we are looking for the balance after one year, t = 1.Apply interest formula: Apply the simple interest formula to find the interest earned after one year. Using the formula I = P * r * t, and given that the interest rate r is 3.5% or 0.035 as a decimal, and the time t is 1 year, we can calculate the interest earned (I) on the principal amount (m) as follows: I = m * 0.035 * 1 I = 0.035mDetermine total balance: Determine the total balance after one year. The total balance after one year is the sum of the initial principal amount (m) and the interest earned (I). Therefore, the balance after one year is m + I. Substitute the expression for I from Step 2 into this equation: Balance after one year = m + 0.035mSimplify balance expression: Simplify the expression for the balance after one year. Combine like terms to get the final expression for the balance: Balance after one year = m + 0.035m = (1 + 0.035)m

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