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26 January, 20:07

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?

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  1. 26 January, 20:24
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    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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