Question

Felix puts 6000 into saving bonds that pay a simple interest rate of 4.4 how much money will the bonds be worth at the end of 6 years

Answer 1

$7,584

Explanation:

The computation of the amount worth at the end of 6 years is shown below:

As we know that

SImple interest = Principal amount × rate of interest × time period

= $6,000 × 4.4% × 6

= $1,584

Now the amount at the end of 6 years is

= Principal amount + simple interest

= $6,000 + $1,584

= $7,584

Hence, the amount would be $7,584