Question

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

Answer 1

The interest Cody gets in 2 years be $56 .

Explanation:

Formula

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 = $ 56

Therefore the interest Cody gets in 2 years be $56