Jayden opens a savins 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)
make it the correct answer too.
A. $96.00
B. $100.00
C. $104.00
D. $148.00
To calculate the amount of money that will be in Jayden's account one year later, we need to multiply the initial amount by the interest rate and add that to the initial amount:
Amount after one year = Initial amount + (Initial amount * Interest rate)
In this case, the initial amount is $100.00 and the interest rate is 4%, which can be written as 0.04.
Amount after one year = $100.00 + ($100.00 * 0.04) = $100.00 + $4.00 = $104.00
Therefore, the correct answer is C. $104.00