Answer:
$3,752.
Explanation:
To determine the total amount of an investment of $1,400 at a 3.5% simple interest rate for 48 months, you can use the formula:
Total amount = Principal + (Principal x Rate x Time)
Step 1: Convert the interest rate from a percentage to a decimal by dividing it by 100.
In this case, 3.5% becomes 0.035.
Step 2: Plug in the values into the formula.
Total amount = $1,400 + ($1,400 x 0.035 x 48)
Step 3: Calculate the expression within the parentheses first.
$1,400 x 0.035 = $49
Step 4: Multiply $49 by 48.
$49 x 48 = $2,352
Step 5: Add the principal amount to the result.
$1,400 + $2,352 = $3,752
Therefore, the total amount of the investment after 48 months at a 3.5% simple interest rate would be $3,752.