Question

Tyler has $1000 that he wants to put in a savings account. He wants to save the money for 6 years. After 6 years he plans to take the money out and spend it on college. He looks at two different banks, and they offer him different interest options.



Bank A offers Tyler 4% simple interest. How much would Tyler’s investment be worth after 6 years in this account? Show your calculations below.

Answer 1

@Qwertty123

Answer 2

Help? =o(

Answer 3

would it be 1,240?

Answer 4

So you do $100 * 4% to figure out what $% of 100k is and that is $40 and since it is 6 years of 4% interest you do 40 * 6 and you get 240 since it is interest they DETUCT from yoursaving so do 1,000 -240 and you get 760, so after 6 years Tyler's savings account will be worth $760

Answer 5

Thank you so much could you help me with some more?

Answer 6

sure could u ask them in the Math section plz and hit the blue Best Response button too ;)

Answer 7

Yes I will tag you =o)