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

The interest Cody gets in 2 years be $56 .

Explanation:

Formula

`Simple\ interest = (Principle* Rate* 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 = (700* 4* 2)/(100)`

`Simple\ interest = (5600)/(100)`

Simple interest = $ 56

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