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

Gnoma [55]

3 years ago

9

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

uch interest will the customer earn in 20 years? What will be the account balance after 20 years?

Mathematics

1 answer:

pickupchik [31] · Answer 1 · 2022-03-22T03:52:25+03:00

pickupchik [31]3 years ago

3 0

$3,660

The formula is P*R*T and that stands for principal * rate * time (in years). When you use the formula and plug in all of the numbers, you get the answer $3,660.

Hopefully this helps!
-Coconut;)