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3 September, 16:06

Cody has $700 in a savings account that pays 4% simple interest what is the amount of money Cody will have in his back account after 2 years if he leaves his money in the bank

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  1. 3 September, 16:29
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    I₂ = 757.12$ (after two years)

    Step-by-step explanation:

    When the realized interest is added to the basic investment at the end of each year, we use the following formula:

    I₂ = I (1 + (r/100)) ² for two years

    I₂ = 700 (1 + (4/100)) ² = 700 · 1.04² = 700 · 1.0816 = 757.12$

    I₂ = 757.12$

    God with you!
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