What is the future value of $3,400 invested for 7 years at a simple interest rate of 7.5% p.a.?
A)$21,250.00
B)$3,173.33
C)$5,185.00
D)$5,950.00

Name: What is the future value of $3,400 invested for 7 years at a simple interest rate of 7.5% p.a.? A)$21,250.00 B)$3,173.33 C)$5,185.00 D)$5,950.00
Brand: Quizplus
Rating: 4.8 (38 reviews)

Question

Quizplus · Accepted Answer

Future value = Principal x (1 + (simple interest rate x time))
Future value = 3400 x (1 + (0.075 x 7))
Future value = 3400 x (1 + 0.525)
Future value = 3400 x 1.525
Future value = $5,185.00

What Is the Future Value of $3,400 Invested for 7