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%.
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