Determine the Future Value (FV) of your account, after 2 years, if you invest $7580 in an account that pays a simple interest of 6%.

Question

asked Mar 4, 2023 65.3k views

1 Answer

Matt Long · Answer 1 · 2023-03-08T02:28:14+0000

8489.6

We know that:

$T=2\\ P=7580\\ R=6\ percent$

Substitute into formula

$T=2\\ P=7580\ into\ formula\\ R=6\ percent\\ F=P+prt\\ F=7580+7580rt$

Calculate

7580*(1+0.06*2)

Calculate the product or quotient

7580*(1+0.12)

Calculate the sum or difference

7580*1.12

Calculate the product or quotient

8489.6

I hope this helps you

:)