Answer:
A. 1.06
B. $6,784
Step-by-step explanation:
I = A - P = $384.00
Equation:
A = P(1 + rt)
Calculation:
First, converting R percent to r a decimal
r = R/100 = 6%/100 = 0.06 per year.
Solving our equation:
A = 6400(1 + (0.06 × 1)) = 6784
A = $6,784.00
The total amount accrued, principal plus interest, from simple interest on a principal of $6,400.00 at a rate of 6% per year for 1 year is $6,784.00.
