Question

Stacy is making an investment in the amount of $10,000. The investment has a 4.5% simple interest rate. What will the total amount of investment be worth after 3 years?

Answer 1

The total amount of Stacy's investment after 3 years with a 4.5% simple interest rate will be $11,350.

Step-by-step explanation:

To calculate the total amount of Stacy's investment after 3 years with a 4.5% simple interest rate, we can use the formula:

Final Amount = Principal + (Principal × Interest Rate × Time)

Plugging in the values, we get:

Final Amount = $10,000 + ($10,000 × 0.045 × 3)

Simplifying the equation, we find that the total amount of Stacy's investment after 3 years will be $10,000 + $1,350 = $11,350.