Question

Brad wants to open a new savings account. He finds one that returns 3% on his investment each year.

Assign a variable to each of the following pieces of information:
*final balance
*initial investment
*return rate

Answer 1

• final balance: A
• initial investment: P
• return rate: r

Explanation:

The variable assigments can be anything you like. It is often helpful to use variables that will remind you what they stand for. Here, we have chosen A = amount (final balance); P = principal (initial investment); r = rate.