What is the present value of 6000 received 14 years from today when the interest rate is 10%
1 answer:
Answer:
$14400
Step-by-step explanation:
Given data
Principal= 6000
Time= 14 years
Rate= 10%
Let us use the simple interest expression to find the final amount
A=P(1+rt)
substitute
A=6000(1+0.1*14)
A=6000(1+1.4)
A=6000*2.4
A=$14400
Hence based on a simple interest model the final amount is $14400
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