The total amount in the account after 1 year will be $420
Based on the information given, the following can be deduced:
Principal = $400
Interest rate = 5%
Time = 1 year
Therefore, the simple Interest will be:
= PRT/100
= ($400 × 5 × 1)/100
= $2000/100
= $20
Therefore, the amount will then be:
= Principal + Interest
= $400 + $20
= $420
Therefore, the total amount is $420
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