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)

Answer 1

The formula to calculate simple interest is:

I = P * r * t

Where:
I = Interest
P = Principal amount
r = Rate of interest
t = Time in years

Applying the values to the formula:

I = 15000 * 0.048 * 30
I = 21600

The final amount of Chris's investment will be $15,000 + $21,600 = $36,600.