Cody has $700 in a savings account that pays 4% simple interest. How much will he have in 1 year?

Mathematics

1 answer:

ladessa [460]2 years ago

3 0

Answer:

$ 728

Step-by-step explanation:

Amount of Money Cody has = $700

Simple Interest = 4%

As it is know that interest is always given on annually basis so

Amount of profit he have in one year = Money he have right now * interest

=700 * 4%

= $700 * \frac{4}{100}$

= $ 28

After one year he will have = total money at that time + Profit

= 700 + 28

= $ 728

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