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Sedbober [7]
3 years ago
14

Maria deposited $5,700 in an account that earns 8% simple interest. Maria made no withdrawals or deposits. What will be the tota

l amount of money in her account after 6 years?
Mathematics
1 answer:
Rom4ik [11]3 years ago
3 0

Answer:

FV= $8,436

Step-by-step explanation:

Giving the following information:

Initial investment (PV)= $5,700

Simple interest (i)= 8% = 0.08

Number of periods (n)= 6 years

<u>To calculate the future value (FV), we need to use the following formula:</u>

FV= PV*i*n + PV

FV= 5,700*0.08*6 + 5,700

FV= $8,436

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