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find the future value ( total amount ) using the future formula for $350 at 5(3)/(4)% simple interest for 2 years

User Uri Shalit
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Final answer:

To find the future value, convert the interest rate to decimal form, calculate using the future value formula, and simplify the calculation.

Step-by-step explanation:

To find the future value using the future formula for $350 at 5(3)/(4)% simple interest for 2 years, follow these steps:

Step 1: Convert the interest rate to decimal form. 5(3)/(4)% is equivalent to 0.05(3)/(4) in decimal form.

Step 2: Calculate the future value using the formula: Future Value = Principal × (1 + interest rate) × time. In this case, Future Value = $350 × (1 + 0.05(3)/(4)) × 2.

Step 3: Simplify the calculation to find the total future amount.

User Shivaraj Bhat
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