Question

you put $939 into an investment at 8% annual interest for 6 years what will your balance be at the end of 6 years

Answer 1

The amount put into the investment which is 939 is the principal, P.

The annual interest is 8% (or 0.08) while the duration in years is 6, that is T.

The simple interest formula is given as;

$\begin{gathered} I=\text{PRT} \\ I=939\times0.08\times6 \\ I=450.72 \\ \text{The balance at the end of 6 years will be;} \\ A=P+I \\ A=939+450.72 \\ A=1389.72 \end{gathered}$

The balance at the end of 6 years will be $1,389.72