Final answer:
To calculate the amount you will have at the end of six years with compound interest, use the formula A = P(1 + r/n)^(nt). Substituting the given values, the amount will be approximately $5,920.31.
Step-by-step explanation:
To calculate the amount you will have at the end of six years with compound interest, you can use the formula:
A = P(1 + r/n)^(nt)
Where:
- A is the amount of money you will have at the end of the six years
- P is the initial amount of money you saved, which is $3000
- r is the interest rate per period, which is 14% or 0.14 as a decimal
- n is the number of times the interest is compounded per year, which is 1 in this case
- t is the number of years the money is invested for, which is 6 in this case
Substituting these values into the formula, we get:
A = 3000(1 + 0.14/1)^(1*6)
A = 3000(1 + 0.14)^6
A = 3000(1.14)^6
A = 3000(1.973438)
A = $5,920.31
Therefore, you will have approximately $5,920.31 at the end of six years with a compounded interest rate of 14% per year.