Solution:
Simple interest is the amount of interest chargedon a sum for a given period of time and at a givenrate.
Simple interest can be calculated using the formulaS.I. = ( P× R× T)
Here, P = Principal amount of loan, R = rate of interestper annum in% and T = Time(in years)
As per the question,
P = $10,000 , R = 6 % or0.06, T = 5
⇒ S.I. = 10,000 × 6 % × 5
⇒ S.I. = 10,000 × (6/ 100)× 5
⇒ S.I. =$ 3,000
Simple interest can be calculated using the Cuemath's Simple Interest Calculator.
The future value will be the sum of principal value and simple interest.
⇒ FV = P + S.I.
⇒ FV =$ 10,000 + $ 3,000
⇒ FV =$ 13,000
Thus, thefuture value of $10,000 with 6% interest after 5years at simple interestwill be$ 13,000.
Summary:
Thefuture value of $10,000 with 6% interest after 5years at simple interest will be$ 13,000.
