A new bank customer with $3,000 wants to open a money market account. The bank is offering a simple interest rate of 1.1%. How m

Question

3 years ago

15

uch interest will the customer earn in 20 years?

2 answers:

Tju [1.3M] · Answer 1 · 2022-06-03T05:06:58+03:00

Tju [1.3M]3 years ago

8 0

The answer to this question is $6693.64 I think I did it on paper the long way

Mandarinka [93] · Answer 2 · 2022-06-03T07:12:53+03:00

Answer : The interest customer earn in 20 years will be, $ 660

Step-by-step explanation :

Given:

Principle = $3000

Interest rate = 1.1 %

Time = 20 years

Now we have to determine the simple interest.

Formula used :

$S.I=\frac{PRT}{100}$

where,

P = principle

R = interest rate

T = time

S.I = simple interest

Now put all the given values in the above formula, we get:

$S.I=\frac{(\$3000)\times 1.1\times (20)}{100}$

$S.I=\$ 660$

Thus, the interest customer earn in 20 years will be, $ 660