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Jayden opens a savings account with $100.00. His account earns 4% simple interest annually. How much money will be in his accou...Question
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
There are no human answers yet.
Answered by
GPT 3.5
The correct answer is $104.00.
To calculate the amount of money in the account after one year, we can use the formula for simple interest:
A = P(1 + r*t)
Where:
A = final amount
P = principal amount (initial deposit)
r = interest rate (expressed as a decimal)
t = time (in years)
Plugging in the given values:
A = $100(1 + 0.04*1)
A = $100(1.04)
A = $104.00
Therefore, there will be $104.00 in Jayden's account one year later if he makes no deposits or withdrawals.
To calculate the amount of money in the account after one year, we can use the formula for simple interest:
A = P(1 + r*t)
Where:
A = final amount
P = principal amount (initial deposit)
r = interest rate (expressed as a decimal)
t = time (in years)
Plugging in the given values:
A = $100(1 + 0.04*1)
A = $100(1.04)
A = $104.00
Therefore, there will be $104.00 in Jayden's account one year later if he makes no deposits or withdrawals.
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