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If I placed 350 in a bank which paid 6 percent interest for a period of 28years how much money would I have at the end of the 28th year?
This depends on whether the interest paid is "simple" or "compounded". If the interest is simple, the answer is 350[1 + 28(0.06)] = 938, if the 6 percent rate is considered exact. If the interest is compounded, the answer is:
350(1 + 0.06)28, or about 1,789.09, if the interest rate is considered exact. Both answers assume no withdrawals from the bank during the 28 year period and that the bank can pay its debts.
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