What will be the future value of a $10,000 deposit after 5 years at a simple interest rate of 6%?
To calculate the future value of a deposit with simple interest, we can use the formula: Future Value (FV) = Principal Amount (P) + Interest (I) Where: Principal Amount (P): This is the initial amount of money deposited, which in this case is $10,000. Interest (I): This is calculated using the formula I = P … Read more