If you save 3000 at an interest rate of 14 percent per year how much will you have at the end of six years

Question

Madelyn Reid

Mathematics

19 November, 22:07

If you save 3000 at an interest rate of 14 percent per year how much will you have at the end of six years

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Tania Cantrell · Answer 1

The future worth, F, of a current investment, P is calculated by the equation,

F = P x (1 + r) ^ (n-1)

where r is the decimal equivalent of the given rate and n is the number of years. Substituting,

F = (3000) x (1 + 0.14) ^ (6 - 1)

F = 5776.24

Thus, the amount after six years is approximately 5776.24.