Question

Find the future value of a 10-year investment of $3500 at a simple annual rate of 3.49%.

Answer 1

Answer:

You can plug in the simple interest formula A=P(1+rt) to get the amount is equal to  3500 (the principal in this case) times 1+ 3.49/100(10). This is 3500(1.349), and this is $4721.5.