SOLUTION: Find the future value of ​$2400 deposited at 8​% for 6 years if the account pays simple​ interest, and the account pays interest compounded annually.
Thank you
Algebra ->
Customizable Word Problem Solvers
-> Finance
-> SOLUTION: Find the future value of ​$2400 deposited at 8​% for 6 years if the account pays simple​ interest, and the account pays interest compounded annually.
Thank you
Log On
Question 1090394: Find the future value of $2400 deposited at 8% for 6 years if the account pays simple interest, and the account pays interest compounded annually.
Thank you for your help! Answer by math_helper(2461) (Show Source):
You can put this solution on YOUR website!
Simple interest: $2400 + (0.08)*$2400*6 = $3552.00
—
Compounded interest: $2400*(1+0.08)^6 = $3808.50
