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 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.