Answer:
[tex]\$10,608[/tex]
Step-by-step explanation:
we know that
The simple interest formula is equal to
[tex]A=P(1+rt)[/tex]
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest
t is Number of Time Periods
in this problem we have
[tex]t=16\ years\\ P=\$6,800\\r=0.035[/tex]
substitute in the formula above
[tex]A=\$6,800(1+0.035*16)=\$10,608[/tex]
