If you save $3,000 at an interest rate of of 14% per year how much will you have at the of 6 years?

Question

anonymous · Answer

Are you being composed every year meaning are they paying you every year on top of the new total with interest added?
There is two answers to this question depending on how many times they are being composed during the interest rate.

If they are being composed only once during the entire 6 years then the answer will be:
$5520

If they are being composed yearly meaning they are adding interest every year for the next 6 years then the answer will be:
$6584.92

I hope that makes sense.

anonymous · Answer

The word is "compounded" -
normally if they do not state compounded interest - the implication is simple interest
I = PRT

then add I (interest) to the initial P..will give you the final principal amount

anwaarullah · Answer

3000*.14=420
420*5=2100
2100+3000=5100