Question

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

Answer 1

$ 728

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 * (4)/(100)`

= $ 28

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

= 700 + 28

= $ 728