just an addtion to the reply above.
Answer:
28,370.38
Explanation:
If accumulated but not compounded
.06 * 20,000 = 1200 per year
1200 * 6 = 7200 total interest
7200 + 20,000 = 27,200
If compounded annually
20,000 * 1.06^6 = 20,000*1.4185 = 28,370.38
1.6m questions
2.0m answers