to prepare for retirement, Christ 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.
the final amount of Chris's investment is $ ____.
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% or 0.048 (converted from percentage to decimal)
Time = 30 years
Final Amount = 15000 + (15000 * 0.048 * 30)
Final Amount = 15000 + (720 * 30)
Final Amount = 15000 + 21600
Final Amount = $36,600
Therefore, the final amount of Chris's investment after 30 years would be $36,600.