Question

Aidan deposits $6,540 into a savings account that earns 5% simple interest for 14 years what is the total balance after the 14 years?​

Answer 1

$11,118.00

Explanation:

How simple interest is calculated

FV = principal × ( 1 + rate × years )

FV = 6540 × (1 + (0.05 × 14))

FV = 6540 × 1.7 = 11118

Interest = 11118 - 6540 = 4578

(Side note, I used a simple interest calculator to do this. )