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.
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.