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Solution:
Given, principal P = $10,000
n = 2 years
r = 6%
We have to find the future value with simple interest.
Simple interest, SI = Pnr/100
So, SI = (10,000)(2)(6)/100
= 100(12)
= $1200
Future value = SI + P
So, future value = 1200 + 10000
Future value = $11200
Therefore, future value is $11200.
Summary:
The future value of $10,000 on deposit for 2 years at 6% simple interest is $11200.
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