Simple Interest Problem: How much money is in an account after 6 years, if you initially...
Simple Interest Problem: How much money is in an account after 6 years, if you initially deposit $838, with a simple interest of 5%? Interest is added annually.
Homework Answers
| Future Value with simple interest | = | Investment + (Investment * Interest rate*number of period) | |||||||||
| = | $ 838.00 | + | (838*5%*6) | ||||||||
| = | $ 838.00 | + | $ 251.40 | ||||||||
| = | $ 1,089.40 | ||||||||||
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