SOLUTION: If I invested $6,000 in 1993 at 3% interest, how much do I have twenty years later?
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Question 819137: If I invested $6,000 in 1993 at 3% interest, how much do I have twenty years later?
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
If I invested $6,000 in 1993 at 3% interest, how much do I have twenty years later?
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Assuming simple interest you get::
A(t) = P(1+rt)
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A(20) = 6000(1+0.03*20)
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A(20) = 6000(1.6) = $9600
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Cheers,
Stan H.
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