Answered

What is the future value of $10,000 on deposit for 2 years at 6% simple interest?
A. 7,442.58.
B. 10,303.62.
C. 13,000.00.
D. 13,382,26.

Answer :

abiolataiwo2015

Answer:

$11,200

Explanation:

Calculation for the future value

Using this formula

Future value=PV+(PV×Rate ×Time)

Where

PV=$10,000

Rate=6%

Time=2 years

Let plug in the formula

Future value=[$10,000+($10,000×0.06×2)

Future value=$10,000+1,200

Future value=$11,200

Therefore the Future value will be $11,200

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