If $400 is invested at the rate of 6% for one year,what will be the total value of the investment (the amount)

Question

If $400 is invested at the rate of 6% for one year,what will be the total value of the investment (the amount)

Answer 1

$424

Answer 2

Amount = Principal+Interest

here, Principal(p)=$400

Time(t)=1yr

Rate of interest (r)=6%

Interest= (p*r*t)/100

             =(400*6*1)/100

             =2400/100

             =$240

Amount = $400+$240

              =$640                  ans.

Answer 3

OFGS!

Okay, so $400 represents 100%, therefore 1% is 400/100 (call it x); and 106% is simply 106^x (or 106^400/100).

Honestly it is as straightforward as that!

Answer 4

If $400 is invested once with a one time interest payment after a year, the answer is $424. If you invest $400 monthly with interest compounding monthly, the answer is $4934.22.