etermine 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)
The accrued interest is $
and the final amount of the investment is $
.
The accrued interest can be calculated using the formula: accrued interest = principal * interest rate * time
Principal = $10,000
Interest rate = 4.75% = 0.0475 (convert percent to decimal)
Time = 13 years
Accrued interest = $10,000 * 0.0475 * 13 = $6,175
The final amount of the investment can be calculated by adding the accrued interest to the principal.
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.