Enter 3 out of 4 below

<-- Accum Value
<-- Principal
<-- Interest %
<-- Time
      

Answer
Success!
Accumulated Value using Simple Interest = 7440

↓Steps Explained:↓

Given an initial balance of 6000,
an interest rate of 6%,
and time of 4

Calculate the Accumulated Balance
using Simple Interest:

Accumulated Value formula

AV = Principal * (1 + (int. rate * time))

Plug in our values

AV = 6000 * (1 + (0.06 * 4))

Simplify

AV = 6000 * (1 + 0.24)

AV = 6000 * 1.24

Calculate the total interest earned:

Total Interest Earned = Accumulated Value - Principal

Total Interest Earned = 7440 - 6000

Total Interest Earned = 1440

Calculate the interest earned:

Interest per Period  =  Interest Earned
  t

Interest per Period  =  1440
  4

Interest per period = 360

Final Answer

Accumulated Value using Simple Interest = 7440
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