Density of the 500 g sealed packet = {Mass\ of\ the\ packet \over volume\ of\ the\ packet} = {500\over350} = 1.428 ๐/๐๐3
The density of the substance is more than the density of water (1 ๐/๐๐3 ). Hence, it will sink in water.
The mass of water displaced by the packet is equal to the volume of the packet, i.e., 350 g.