Question

If you deposit $5,000 into an account that pays 4% simple interest, what will the balance be in 6 years?

Answer 1

$6,200 i hope this helps! :)

Explanation:

the 4% interest of the $5000 4% of 5000 = 200

multiply by 6 for the 6 years 200 * 6 = 1200

add the 1200 to the 5000 5000 + 1200 = 6,200