What will be the future value of a $10,000 deposit after 2 years at a 6% simple interest rate?
To calculate the future value of a deposit using simple interest, we can use the formula: Future Value (FV) = Principal + Interest Where: Principal: This is the original amount of money deposited, which in this case is $10,000. Interest: This is calculated using the formula Interest = Principal × Rate × Time. In our … Read more