Final answer:
To find the future value of an investment, use the formula: Future Value = Principal + (Principal × Interest Rate × Time). Plugging in the given values, we find that the future value is $6600.
Step-by-step explanation:
To find the future value of an investment, we can use the formula:
Future Value = Principal + (Principal × Interest Rate × Time)
Given that the principal is $6500, the interest rate is 4.24%, and the time is 275 days, we can plug in these values:
Future Value = $6500 + ($6500 × 0.0424 × 275/365)
Calculating this, we get:
Future Value = $6500 + ($6500 × 0.032 × 275/365) = $6600
Therefore, the future value of the $6500 investment at 4.24% simple annual interest for 275 days is $6600.