Randy puts $3000 into a savings account that earns 6% simple interest annually. After six years, how much money will Randy have total in his account?

Question

asked Jan 26, 2021 159k views

1 Answer

Umpljazz · Answer 1 · 2021-02-01T14:45:06+0000

Answer:

$4080

Explanation:

Step one:

given data

principal= $3000

rate = 6%= 0.06

time = 6 years

Required

The total amount in the account after 6 years

Step two:

We know that the final amount on a simple interest investment is computed using

$A=P(1+rt)\\\\A=3000(1+0.06*6)\\\\A=3000(1+0.36)\\\\A=3000(1.36)\\\\A=4080$