c. $104.00
Calculation:
Interest = Principal x Rate x Time
Interest = $100.00 x 0.04 x 1
Interest = $4.00
Total amount after one year = Principal + Interest
Total amount = $100.00 + $4.00
Total amount = $104.00
Therefore, the amount in Jayden's account after one year will be $104.00.
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?
a. $96.00
b. $100.00
c. $104.00
d. $148.00
1 answer
1 answer