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.