Question

if 500 is deposited into an account earning 6 percent simple interest what is the future value in 6 years how do you work it put

Answer 1

`\bf \qquad \textit{Simple Interest Earned Amount}\\\\ A=P(1+rt)\qquad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to& \$500\\ r=rate\to 6\%\to (6)/(100)\to &0.06\\ t=years\to &6 \end{cases} \\\\\\ A=500(1+0.06\cdot 6)`