Question

Cody has $700 in a savings account that pays 4% interest. what is the amount of simple interest he will learn in 2 years

Answer 1

The answer is $56. I=P×R×T I=700×0.04×2 I=$56

Answer 2

Answer:

The interest Cody gets in 2 years be $56 .

Step-by-step explanation:

Formula

$Simple\ interest = \frac{Principle\times Rate\times Time}{100}$

As given

Cody has $700 in a savings account that pays 4% interest .

Principle = $700

Interest = 4%

Time = 2 years

Put in the formula

$Simple\ interest = \frac{700\times 4\times 2}{100}$

$Simple\ interest = \frac{5600}{100}$

Simple interest = $ 56

Therefore the interest Cody gets in 2 years be $56 .