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 * Interest Rate * Time
Plugging in the given values, we have:
Accrued Interest = $10,000 * 0.0475 * 13
Accrued Interest = $6,175
The final amount of the investment can be calculated by adding the accrued interest to the principal:
Final Amount = Principal + Accrued Interest
Final Amount = $10,000 + $6,175
Final Amount = $16,175
Therefore, the accrued interest is $6,175 and the final amount of the investment is $16,175.