Find the future value, using the future value formula for $\$ 1997$ at $5 \%$ simple interest for 13 years. Type your answer to the nearest hundredths.

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Answer

$\boxed{FV = 3295.05}$ is the future value of $1997 at 5% simple interest for 13 years.

Steps

Step 1 ：Given that the principal amount (P) is $1997, the annual interest rate (r) is 5% or 0.05 in decimal form, and the time (t) is 13 years.

Step 2 ：The formula for future value with simple interest is $FV = P(1 + rt)$.

Step 3 ：Substitute the given values into the formula: $FV = 1997(1 + 0.05 * 13)$.

Step 4 ：Simplify the expression inside the parentheses: $FV = 1997(1 + 0.65)$.

Step 5 ：Further simplify to get: $FV = 1997 * 1.65$.

Step 6 ：Multiply to find the future value: $FV = 3295.05$.

Step 7 ：$\boxed{FV = 3295.05}$ is the future value of $1997 at 5% simple interest for 13 years.