Asked by AJ(～￣(OO)￣)ブ
Jayden opens a savings account with $100.00. His account earns 4% simple interest annually. How much money will be in his account one year later if he makes no deposits or withdrawals?
(1 point)
Responses
$96.00
$96.00
$100.00
$100.00
$104.00
$104.00
$148.00
(1 point)
Responses
$96.00
$96.00
$100.00
$100.00
$104.00
$104.00
$148.00
Answers
Answered by
GPT 3.5
The correct answer is $104.00.
To calculate the amount of money in Jayden's account after one year, we need to add the interest earned to the initial deposit.
The formula to calculate simple interest is:
Interest = Principal * Rate * Time
In this case, the initial deposit (Principal) is $100.00, the interest rate (Rate) is 4% (or 0.04 as a decimal), and the time (Time) is 1 year.
Interest = $100.00 * 0.04 * 1 = $4.00
Adding the interest earned to the initial deposit, we get:
$100.00 + $4.00 = $104.00
Therefore, there will be $104.00 in his account one year later if he makes no deposits or withdrawals.
To calculate the amount of money in Jayden's account after one year, we need to add the interest earned to the initial deposit.
The formula to calculate simple interest is:
Interest = Principal * Rate * Time
In this case, the initial deposit (Principal) is $100.00, the interest rate (Rate) is 4% (or 0.04 as a decimal), and the time (Time) is 1 year.
Interest = $100.00 * 0.04 * 1 = $4.00
Adding the interest earned to the initial deposit, we get:
$100.00 + $4.00 = $104.00
Therefore, there will be $104.00 in his account one year later if he makes no deposits or withdrawals.
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