$10,000 is invested for 6 years at an annual simple interest rate of 16%. (a) How much...

Question:

$10,000 is invested for 6 years at an annual simple interest rate of 16%.
(a) How much interest will be earned?
(b) What is the of the investment at the end of the 6 years?
Future Value
Future value (FV) is the value of a current asset at a future date based on an assumed rate of growth. The future value (FV) is important to investors and financial planners as they use it to estimate how much an investment made today will be worth...