Answer: the future value is $3788.75
Step-by-step explanation:
The formula for determining simple interest is expressed as
I = PRT/100
Where
I represents interest paid on the amount invested.
P represents the principal or amount invested.
R represents interest rate
T represents the duration of the investment in years.
From the information given,
P = 3500
R = 5.5
T = 18 months = 18/12 = 1.5 years
I = (3500 × 5.5 × 1.5)/100 = 28875/100
I = 288.75
the future value would be
3500 + 288.75 = $3788.75
