determine the accure intrest and the final amount of a 10,000 investment with a 4.75% simple interest rate. round the anwsers two decimal places as need
To determine the accrued interest and the final amount of a $10,000 investment with a 4.75% simple interest rate, we can use the following formulas:
Accrued Interest = Principal × Rate × Time
Final Amount = Principal + Accrued Interest
Given:
Principal (P) = $10,000
Rate (R) = 4.75% (or 0.0475)
Time (T) = Not mentioned
First, we need to know the time period for which the interest is calculated. Without that information, we cannot determine the exact accrued interest and final amount. However, let's assume that it is for 2 years.
Accrued Interest = $10,000 × 0.0475 × 2 = $950
Final Amount = $10,000 + $950 = $10,950
Therefore, with a 4.75% simple interest rate over 2 years, the accrued interest would be $950, and the final amount would be $10,950.