Sam put 3000 into saving it earned 6% simple interest annually after 6 years how much will Sam have
1 answer:
Answer:
the future value is 4,080
Step-by-step explanation:
The computation of the future value under the simple interest is shown below:
As we know that
Future value = Present value × (1 + rate of interest × time period)
= 3,000 × (1 + 6 × 6%)
= 3,000 × (1 + 0.36)
= 3,000 × 1.36
= 4,080
Hence, the future value is 4,080
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