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You plan to invest $6,500 for three years at 4 percent simple interest. what will your investment be worth at the end of the three years?

Respuesta :

meerkat18

In this problem, you are looking for the future value of your investment at the end of three years. Here are the given in the problem: 

Principal (P) = $6,500 

Rate (r) = 4% 

Time (t) = 3 years 

We shall be using this formula to compute the problem where A is the future value of the investment. 

 A = P (1 + rt)

Substituting the amount to the formula: 

A = $6,500 [1 + (4% x 3)] 

A = $7,280

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