The amount after 6 years is $12,628.45
Simple interest
The formula for calculating the compound interest is expressed as:
I = PRT
- P is the principal = $8,950
- r is the rate = 6.85% = 0.0685
- T is the tim = 6 years
Get the interest
I = 8950 * 0.0685 * 6
I = $3,678.45
Amount after 6 years = 8950 + 3,678.45
- amount after 6 years = $12,628.45
Hence the amount after 6 years is $12,628.45
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