Find the amount that will be accumulated in the account under the given conditions. Principal \( =\$ 20,000 \); simple interest rate of \( 11 \% \) for 6 years. A. \( \$ 33,200 \) B. \( \$ 1,340,000 \) C. \( \$ 37,408 \) D. \( \$ 21,320 \)

To find the accumulated amount with simple interest, you can use the formula: \[ A = P + I \] where \( A \) is the total amount, \( P \) is the principal, and \( I \) is the interest earned. The interest \( I \) is found by: \[ I = P \times r \times t \] Plugging in the values: - \( P = 20,000 \) - \( r = 0.11 \) (11%) - \( t = 6 \) Calculating the interest: \[ I = 20,000 \times 0.11 \times 6 = 13,200 \] Now, adding the interest to the principal: \[ A = 20,000 + 13,200 = 33,200 \] Therefore, the correct answer is **A. \$ 33,200**. And just like that, the world of finance rewards your savvy thinking! Whether you’re saving for a dream vacation or investing to build wealth, understanding interest makes you a smarter money manager!