To balance the chemical equation, we need to make sure that the number of atoms of each element is the same on both sides of the equation. Fe2O3 + CO -> Fe + CO2First, balance the iron Fe atoms:2Fe2O3 + CO -> 4Fe + CO2Next, balance the carbon C atoms:2Fe2O3 + 4CO -> 4Fe + 4CO2Finally, balance the oxygen O atoms:2Fe2O3 + 6CO -> 4Fe + 6CO2Now, the balanced chemical equation is:2Fe2O3 + 6CO -> 4Fe + 6CO2