What is the future value of $10,000 on deposit for five years at 6 percent simple interest?
A)$7,472.58
B)$10,303.62
C)$13,000.00
D)$13,382.26 FV = PV + (PV x r x t)

Question

Quizplus · Accepted Answer

The future value (FV) using simple interest is calculated as FV = PV + (PV x r x t). Here, PV = $10,000, r = 0.06, and t = 5. So, FV = $10,000 + ($10,000 x 0.06 x 5) = $10,000 + $3,000 = $13,000.00.

What Is the Future Value of $10,000 on Deposit for Five