Answered

IDNLearn.com offers a unique blend of expert answers and community-driven insights. Join our interactive community and get comprehensive, reliable answers to all your questions.

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

Sagot :

RhysHidn
1% of 700 = 7
4% of 700 = 28
interest = $28

Emmanuelkumiidn
Simple Interest (SI) = Principal × Rate × Time
                                       100
SI = 700$ × 4% × 2
              100
SI = 7 × 4 × 2
SI = 56
therefore the simple interest is 56$
Thank you for participating in our discussion. We value every contribution. Keep sharing knowledge and helping others find the answers they need. Let's create a dynamic and informative learning environment together. Your questions are important to us at IDNLearn.com. Thanks for stopping by, and come back for more reliable solutions.