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Alejandro invests money in an account paying a simple interest of 3.5% 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:

Alejandro invests money in an account paying a simple interest of 3.5% 3.5 \% 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. Alejandro invests money in an account paying a simple interest of 3.5% 3.5 \% 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 Rate: To find the total balance after one year with simple interest, we need to add the interest earned to the original amount. The interest earned can be calculated as a percentage of the original amount. Since the interest rate is 3.5%3.5\%, Alejandro needs to multiply his current balance by 11 plus the interest rate expressed as a decimal to find the total balance in one year.\newlineCalculation: 1+(3.5%1 + (3.5\% as a decimal) = 1+0.0351 + 0.035
  2. Find Multiplier: Now, we perform the addition to find the multiplier.\newlineCalculation: 1+0.035=1.0351 + 0.035 = 1.035

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