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Find the value to which #3000.00 will amount in 5 years at 6% per annum simple interest.
$4014.70. 3000 * (1.06^5) = 4 014.67673.
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Asked 6/5/2012 3:59:59 PM
Updated 7/8/2023 9:01:18 AM
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Solution:
To calculate the amount to which #3000.00 will grow in 5 years at a 6% per annum simple interest, we can use the formula:

Amount = Principal + (Principal * Rate * Time)

Where:
Principal = #3000.00 (initial amount)
Rate = 6% per annum = 6/100 = 0.06 (converted to decimal)
Time = 5 years
Amount = 3000.00 + (3000.00 * 0.06 * 5)
= 3000.00 + (3000.00 * 0.30)
= 3000.00 + 900.00
= #3900.00

Therefore, #3000.00 will amount to #3900.00 after 5 years at a 6% per annum simple interest.
Added 7/8/2023 9:01:18 AM
This answer has been confirmed as correct and helpful.
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