jayden opens a savings account with $100.00. his account ears 4% simple interest annually. how much money will be in his account one year later if he makes no deposits or withdrawals?

Answer 1

To calculate the amount of money in Jayden's account after one year with 4% simple interest, we can use the formula:

A = P + P*r*t

Where:
A = the total amount in the account after one year
P = the initial principal amount (in this case $100.00)
r = the annual interest rate (4% or 0.04)
t = the number of years (1)

Plugging in the values:

A = $100.00 + $100.00*0.04*1
A = $100.00 + $4.00
A = $104.00

Therefore, after one year, Jayden will have $104.00 in his savings account.