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) The accrued interest is $ and the final amount of the investment is $.
To determine the accrued interest, we can use the formula:
Accrued Interest = Principal * Rate * Time
Accrued Interest = $10,000 * 0.0475 * 13 = $6,175.00
To determine the final amount of the investment, we can add the accrued interest to the principal:
Final Amount = Principal + Accrued Interest
Final Amount = $10,000 + $6,175 = $16,175.00
Therefore, the accrued interest is $6,175.00 and the final amount of the investment is $16,175.00.