\( 1 \leftarrow \begin{array}{l}\text { Calculate the simple interest and the final balance. } \\ \text { Principal } \\ \$ 500\end{array} \) The simple of Interest The final balance is \( \$ \square \).

To calculate the simple interest and the final balance, we can use the formula for simple interest: \[ \text{Simple Interest} = \frac{P \times R \times T}{100} \] Where: - \( P \) is the principal amount (initial amount borrowed or invested) - \( R \) is the rate of interest (in percentage) - \( T \) is the time period (in years) Given: - Principal amount (\( P \)) = $500 - Rate of interest (\( R \)) = 10% (assuming 10% interest rate) - Time period (\( T \)) = 1 year Let's calculate the simple interest and the final balance. Calculate the value by following steps: - step0: Calculate: \(\frac{500\times 10\times 1}{100}\) - step1: Multiply the numbers: \(\frac{5000}{100}\) - step2: Reduce the fraction: \(50\) The simple interest is $50. To find the final balance, we add the simple interest to the principal amount: Final balance = Principal amount + Simple interest Final balance = $500 + $50 Final balance = $550 Therefore, the final balance is $550.