Answer:
I will have $416 in a year's time.
Explanation:
In calculating the amount in the deposits account in one year's time I used the Future Value formula,which is FV=PV*(1+r)^n
PV is present value=$400
r=rate=4%
n=year=1
FV=400(1+0.04)^1
FV=$416
Alternatively, one could calculate 1 year interest on the principal by multiplying it by 4% ,then add the interest of $16 to principal of $400.
