Question

Determine the Future Value (FV) of your account, after 2 years, if you invest $7580 in an account that pays a simple interest of 6%.

Answer 1

8489.6

Explanation:

We know that:

`T=2\\ P=7580\\ R=6\ percent`

Substitute into formula

`T=2\\ P=7580\ into\ formula\\ R=6\ percent\\ F=P+prt\\ F=7580+7580rt`

Calculate

`7580*(1+0.06*2)`

Calculate the product or quotient

`7580*(1+0.12)`

Calculate the sum or difference

`7580*1.12`

Calculate the product or quotient

`8489.6`

I hope this helps you

:)