Jennifer was awarded damages of $150,000 in a successful lawsuit she brought against her employer 4 years ago. Simple interest on the judgment accrues at the rate of 15%/year from the date of filing. If the case were settled today, how much would Jennifer receive in the final judgment?

Question

Mathematics

Rebecca Higgins

24 May, 18:44

Jennifer was awarded damages of $150,000 in a successful lawsuit she brought against her employer 4 years ago. Simple interest on the judgment accrues at the rate of 15%/year from the date of filing. If the case were settled today, how much would Jennifer receive in the final judgment?

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Heaven Mcfarland · Answer 1

The annual interest is $150,000 x 0.15 = $22,500. The accrued interest after 4 years is $90,000. Therefore in the final judgement Jennifer would be awarded:

150,000 + 90,000=240,000.

The answer is $240,000.