The final amount of Chris's investment can be calculated using the formula for simple interest:
Final Amount = Principal + (Principal x Rate x Time)
Where:
Principal = $15,000
Rate = 4.8% or 0.048 (as a decimal)
Time = 30 years
Final Amount = 15000 + (15000 x 0.048 x 30)
Final Amount = 15000 + (7200)
Final Amount = $22,200
Therefore, the final amount of Chris's investment after 30 years would be $22,200.
To prepare for retirement Chris invest $15,000 with a simple interest rate of 4.8% find the final amount of Chris’s investment if he invest this amount for the next 30 years round the answer to two decimal places if needed
1 answer
1 answer