Determine the accrued interest and the final amount of a $10,000 investment with a 4.75% simple interest rate over a period of 13 years. Round the answers to two decimal places as needed. (1 point)
Itel
Item
Item.
The accrued interest is $
and the final amount of the investment is $
Item 4
Item
The accrued interest can be determined using the simple interest formula:
Accrued Interest = Principal * Rate * Time
Accrued Interest = $10,000 * 0.0475 * 13 = $6,175
The final amount of the investment is the sum of the principal and the accrued interest:
Final Amount = Principal + Accrued Interest
Final Amount = $10,000 + $6,175 = $16,175
So the accrued interest is $6,175 and the final amount of the investment is $16,175.