Question

Find the total future amount if $4300 is invested at 9.8% simple interest for 6 years.

Answer 1

$6828.40

Explanation:

simple interest formula:
A = P(1+rt)

A = final amount

P = starting amount = 4300

r = rate = 9.8% = 0.098

t = time = 6 years

A = 4300(1+0.098*6) = 6828.4