Question

Cody has $54,031 in a savings account .The interest rate is 2%per year and is not compounded .To the nearest cent, how much will he have in total in4years?

Answer 1

To calculate the total amount in Cody's savings account after 4 years, we can use the formula for simple interest.

Step-by-step explanation:

To calculate the total amount in Cody's savings account after 4 years, we can use the formula for simple interest:

Final Amount = Principal + (Principal * Rate * Time)

Given that Cody has $54,031 in his savings account and the interest rate is 2% per year, we can substitute these values into the formula:

Final Amount = $54,031 + ($54,031 * 0.02 * 4)

Calculating this expression will give us the total amount in Cody's savings account after 4 years.