To prepare for retirement Chris invest $15,000 with a simple interest rate of 4.8% find the final amount of Chris’s investment if he invest this amount for the next 30 years round the answer to two decimal places if needed
The final amount of Chris's investment can be calculated using the formula for simple interest:
Final Amount = Principal + (Principal x Rate x Time)
Where:
Principal = $15,000
Rate = 4.8% or 0.048 (as a decimal)
Time = 30 years
Final Amount = 15000 + (15000 x 0.048 x 30)
Final Amount = 15000 + (7200)
Final Amount = $22,200
Therefore, the final amount of Chris's investment after 30 years would be $22,200.