Question

10) Chris invested $5,500. The investment had a simple interest rate of 3.5%. If he plans to leave the

Answer 1

Chris will have $7810 at the end of 12 years in his account if the simple interest rate is 3.5%.

According to the question,

We have the following information:

Chris invested $5,500. The investment had a simple interest rate of 3.5%. And he plans to leave the investment alone for 12 years.

Now, we know that the following formula is used to find the simple interest on an investment:

Interest = principal*rate*time/100

Principal = $5500

Rate = 3.5

Time = 12 years

Interest = (5500*3.5*12)/100

Interest = $2310

Now, the total amount in his account will be:

5500+2310

$7810

Hence, Chris will have $7810 at the end of 12 years in his account if the simple interest rate is 3.5%.

To know more about simple interest rate here

brainly.com/question/7279636

#SPJ1