Answer: The answer is $20
Multiply 400 by .05 or 5%.
If you wanna know 6 years it would be 536 usd
Explanation:
This would be an compound interest. Meaning that your gain every year would increase exponentially.
The equation to calculate this would be: Kn = K0⋅
(1+p100)n Kn is your savings after the period nK0 is your starting deposit p is the percentage n is the period of interest for your example we would have.
Kn=400⋅
(1+5100)6
