Calculate the amount of money you'll have at the end of the indicated time period. you invest $3000 in an account that pays simple interest of 6% for 20 years. the amount of money you'll have at the end of 20 years is $ enter your answer in the answer box * type here to search

$6600

Step-by-step explanation:

In order to calculate the amount of money you'll have at the end of 20 years you have to calculate first the 6% of the invested money:

6% as a fractional number is

You have to multiply $3000 by to obtain the amount of money you'll get per year

dollars

Multiplying $180 by 20 to find out the amount you'll get in 20 years

(180)(20) = $3600

So, at the end of 20 years you'll have your invest plus the amount of money you got for the simple interest

The total amount accrued at the end of 20 years is: $3000 + $3600 = $6600