What is the future value of $1,110 a year for 6 years at a 8 percent rate of interest?

P is the principal amount, $1110.00.

r is the interest rate, 8% per year, or in decimal form, 8/100=0.08.

t is the time involved, 6 ... year (s) time periods.

So, t is 6 ... year time periods.

To find the simple interest, we multiply 1110 * 0.08 * 6 to get that:

The interest is: $532.80

Usually now, the interest is added onto the principal to figure some new amount after 6 year (s),

or 1110.00 + 532.80 = 1642.80. For example:

If you borrowed the $1110.00, you would now owe $1642.80

If you loaned someone $1110.00, you would now be due $1642.80

If owned something, like a $1110.00 bond, it would be worth $1642.80 now.