The future value of a given amount of money at a simple interest rate r% after t years is given by the formula: FV = PV(1 + rt), where PV is the present value of the money, r is the rate and t is the time.
FV = PV(1 + rt)
FV = 240000(1 + 0.1 x 5)
FV = 240000(1 + 0.5)
FV = 240000(1.5)
FV = 360,000
Therefore, the future amount of $240,000 received 5 years from today at 10 percent annual interest is $360,000
