sanchezpriscill sanchezpriscill
  • 04-11-2014
  • Mathematics
Answered

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?

Answer :

RhysH
RhysH RhysH
  • 04-11-2014
1% of 700 = 7
4% of 700 = 28
interest = $28

Answer Link
emmanuelkumi
emmanuelkumi emmanuelkumi
  • 04-11-2014
Simple Interest (SI) = Principal × Rate × Time
                                       100
SI = 700$ × 4% × 2
              100
SI = 7 × 4 × 2
SI = 56
therefore the simple interest is 56$
Answer Link

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