Problem
Question 1 $\$ 10,000$ is invested for 6 years at an annual simple interest rate of $16 \%$. a) How much interest will be earned? b) What is the future value of the investment at the end of the 6 years?
Solution
Step 1 ：Calculate the interest: Interest = Principal * Rate * Time = \(10000 * 0.16 * 6\) = \(9600\)
Step 2 ：Calculate the future value: Future Value = Principal + Interest = \(10000 + 9600\) = \(\boxed{19600}\)
