Problema Solution

Find the balance in Mr Freeman'a account after 6 years if he deposited $11,000 in his account 4 years ago. The bank pays a simple interest rate of 8.4% annually

Answer provided by our tutors

P = $11,000 the principle


t = 6 + 4 = 10 years the time


r = 0.084 or 8.4% the annual rate


A = the future value


A = P(1 + rt)


A = 11,000(1 + 0.084*10)


A = $20,240.00


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the balance in in Mr Freeman'a account after 6 years will be $20,240.00.