To prepare for retirement, Chris invests $15,000 with a simple interest rate of 4.8%. Find the final amount of Chris’s investment if he invests this amount for the next 30 years. Round the answer to two decimal places as needed.

Answer 1

To find the final amount of Chris's investment, we can use the formula for simple interest:

Final Amount = Principal + (Principal * Interest Rate * Time)

Where:
Principal = $15,000
Interest Rate = 4.8% = 0.048 (in decimal form)
Time = 30 years

Final Amount = $15,000 + ($15,000 * 0.048 * 30)
= $15,000 + ($720 * 30)
= $15,000 + $21,600
= $36,600

Therefore, the final amount of Chris's investment after 30 years would be $36,600.