Question

If you save 3000 at an interest rate of 14 percent per year how much will you have at the end of the six years

Answer 1

We'll start by changing the 14% into the decimal form by moving the decimal two places to the left. That would make 14% = 0.14.

Next, multiply all the variables together.

3000 x 0.14 x 6= 2520

This shows that they'll earn $2520 within 6 years at 14% interest.

With the $3,000 principal and add the interest earned $2520

3000 + 2520 = 5520

At the end of 6 years, there will be $5,520 in the account.