The final amount of Chris's investment can be found using the formula for simple interest:
A = P(1 + rt)
where A is the final amount, P is the principal amount (initial investment), r is the interest rate, and t is the time in years.
In this case, Chris's principal amount is $15,000, the interest rate is 4.8% (or 0.048 as a decimal), and the time is 30 years.
A = 15000(1 + 0.048*30)
A = 15000(1 + 1.44)
A = 15000(2.44)
A = $36,600.00
So, the final amount of Chris's investment after 30 years would be $36,600.00.
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.(1 point)
1 answer