Can someone please help me? I have one question I need help with. Thanks in advance.
4. Jayden opens a savings account with $100.00. His account pays 4% simple interest. 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
My answer is A. Thanks. :)
This is a savings account. He would not have had less money!
Interest = principle times rate times time.
lol Quzzy modos brother u must have seen my name somewhere and used it case in quzzy modo
To solve this question, we need to calculate the amount of interest that Jayden will earn in one year and add it to his initial deposit of $100.00.
To calculate simple interest, we use the formula: Interest = Principal * Rate * Time.
In this case, Jayden's principal amount is $100.00, the rate is 4% (or 0.04 as a decimal), and the time is 1 year.
Calculating the interest: Interest = $100.00 * 0.04 * 1 = $4.00.
To find the total amount in Jayden's account after one year, we add his initial deposit and the interest earned: $100.00 + $4.00 = $104.00.
Therefore, the correct answer is C.) $104.00.