Answer:
$6,844
Step-by-step explanation:
We can use the simple interest formula for this:
[tex]A = P (1 + rt)[/tex]
P = initial balance
r = annual interest rate
t = time
First, lets change 3% into a decimal:
3% -> [tex]\frac{3}{100}[/tex] -> 0.03
Now, plug the values into the equation:
[tex]A=5,800(1+(0.03)6)[/tex]
[tex]A=6,844[/tex]
The total after 6 years will be $6,844
