Cody Cody has $700 in a savings account that pays 4% simple interest how much will he have in one year?
Substituting the values in the formula, We get,
[tex] \sf: \implies simple \: interest = \frac{700 \times 4 \times 1}{100} [/tex]
Calculating further, We get,
[tex] \sf: \implies simple \:interest = 7 \times 4 \times 1[/tex]
[tex] \sf: \implies simple \: interest = \bf\$ 28[/tex]
The Simple Interest will be $28
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