Determine the accrued interest and the final amount of a $10,000 investment with a 4.75% simple interest rate over a period of 13 years. Round the answers to two decimal places as needed.(1 point)

Answer 1

To determine the accrued interest, we multiply the principal amount ($10,000) by the interest rate (4.75%) and the number of years (13):

Accrued interest = $10,000 * 0.0475 * 13 = $6,175

To find the final amount, we add the accrued interest to the principal amount:

Final amount = $10,000 + $6,175 = $16,175

Therefore, the accrued interest is $6,175 and the final amount is $16,175.