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)
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.