Suppose an account pays 14% simple annual interest, and $6,915 is deposited into the account. If the interest is paid annually and no money is withdrawn from the account since the initial deposit, find the balance in the account after 6 years. Round answer to two digits after the decimal point.

To find the balance in the account after 6 years with simple interest, we can use the formula:

\[
A = P(1 + rt)
\]

Where:
- $ A $ is the amount in the account after time $ t $ (the balance).
- $ P $ is the principal amount (the initial deposit).
- $ r $ is the annual interest rate (as a decimal).
- $ t $ is the time in years.

Given:
- $ P = 6,915 $
- $ r = 14\% = 0.14 $
- $ t = 6 $ years

Plug these values into the formula:

\[
A = 6,915 \times (1 + 0.14 \times 6)
\]

\[
A = 6,915 \times (1 + 0.84)
\]

\[
A = 6,915 \times 1.84
\]

\[
A = 12,723.60
\]

So, the balance in the account after 6 years is **$12,723.60**.

Would you like more details, or do you have any questions?

Here are 5 related questions:
1. How would the balance change if the interest were compounded annually instead of simple?
2. What would be the balance after 10 years under the same conditions?
3. How does changing the interest rate to 10% affect the balance after 6 years?
4. What is the total interest earned after 6 years?
5. How would the formula change if interest was paid quarterly?

**Tip:** Simple interest grows linearly, while compound interest grows exponentially, which can significantly impact long-term investments.

Learn how to calculate the account balance after 6 years with a 14% simple annual interest rate on an initial deposit of $6,915. This problem uses the simple interest formula A = P(1 + rt) and demonstrates linear growth in financial mathematics. Ideal for students in Grades 9-11.

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