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

Solution,

Principal(P)= $ 5000

Rate(R)= 4%

Time(T)= 6 years

Interest=?

Total amount=?

Now,

Again,

Hope this helps...

Good luck on your assignment..

Again,

$6,200.

Step-by-step explanation:

Using the Simple Interest Formula, you can calculate how much interest you can get after 6 years.

Interest = 5000 * 0.04 * 6 = 5000 * 0.24 = 1,200

The total interest that you can gain from those 6 years is $1,200.

Add your $5,000 initial deposit, and you will have $6,200 in 6 years.

Hope this helps!