Taylor invests $6000 at 5% simple interest for 4 years. How much is in the account at the end of the 4-year period?

Question

please help?

Answer 1

the underlying formula that you want to use here is

Interest = PRT

for this scenario that means taking

Interest = 6000 * 0.05 * 4 = 1200

meaning that the end amount here is

Total = Principal + Interest

= 6000 + 1200

so at the end of the 4 year period he will have $7200 in the account