what is the balance after 1 year in a savings account with an initial investment of $320 and a 5% simple…

what is the balance after 1 year in a savings account with an initial investment of $320 and a 5% simple interest rate? interest = $16.00 balance = $?

what is the balance after 1 year in a savings account with an initial investment of $320 and a 5% simple interest rate? interest = $16.00 balance = $?

Answer

Explanation:

Step1: Recall balance - interest formula

The balance $B$ in a savings - account with simple interest is given by $B = P+I$, where $P$ is the principal (initial investment) and $I$ is the interest.

Step2: Identify values of $P$ and $I$

We know that $P = 320$ (initial investment) and $I = 16$ (interest).

Step3: Calculate the balance

$B=320 + 16$

Answer:

$336$