Question

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

Answer 1

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