To calculate the accrued interest and the final amount of a $10,000 investment with a 4.75% simple interest rate, we need to use the formula for simple interest:
Accrued Interest = Principal × Rate × Time
Where:
Principal = $10,000
Rate = 4.75% (in decimal form, 0.0475)
Time = 1 year (assuming a one-year investment)
Accrued Interest = $10,000 × 0.0475 × 1
Accrued Interest = $475
Therefore, the accrued interest on the $10,000 investment is $475.
To calculate the final amount:
Final Amount = Principal + Accrued Interest
Final Amount = $10,000 + $475
Final Amount = $10,475
Hence, the final amount of the $10,000 investment with a 4.75% simple interest rate would be $10,475.
determine the accure intrest and the final amount of a 10,000 investment with a 4.75% simple interest rate
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