You can use the Future Value formula to determine the future value of an investment with simple interest over a period of one year: FV is equal to PV times (1 + r) in which: - \( FV \) represents the investment's future value The present value, or initial deposit, is denoted by \(PV \). A decimal representation of the annual interest rate is \(r \). Assumed values: - \( PV = 1,000 \)-\( r = 0.02 \). (Annual interest rate of 2%); Jacob's total liabilities must be deducted from his total assets in order to determine his net worth. The procedure is as follows: Compute the total assets: Cycle: $12,000. $3,000 is the checking account amount. Whole Assets ($12,000 plus $3,000 equals $15,000)