Answer:
$7,200
Explanation:
So I knew we were dealing with the I=prt formula because of the fact that it mentioned a rate, a time, and a starting amount, which was 6,000. So when we fill in the I=prt formula, it is I=6,000(0.06)20. Firstly, we multiply 6,000 by the 6%, or 0.06, which gets us to $360. Now we deal with the 20, so when $360 is multiplied by 20 it gets us $7,200. So after 20 years, with a rate of 6 percent, the new balance is $7,200
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