determine the accure intrest and the final amount of a 10,000 investment with a 4.75% simple interest rate bover a period of 13 years. move the decimal points as needed

Answer 1

To determine the amount of interest and the final amount, we will use the formula for simple interest:

I = P * r * t

Where:
I is the interest amount
P is the principal amount (initial investment)
r is the interest rate per year
t is the time in years

First, let's calculate the interest amount:

I = 10,000 * 0.0475 * 13

I = 4,925

The interest amount is $4,925.

To calculate the final amount, we add the interest to the principal:

Final Amount = Principal + Interest

Final Amount = 10,000 + 4,925

Final Amount = 14,925

The final amount is $14,925.