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alex41 [277]
3 years ago
10

A bank manager wants to encourage new customers to open accounts with principals of at least ​$2 comma 500. He decides to make a

poster advertising a simple interest rate of 3​%. What must the principal be if the bank manager also wants to advertise that one can earn ​$10 the first​ month? Can the poster correctly​ say, "Open an account of ​$2 comma 500 and earn at least ​$10 interest in 1​ month!"?
Mathematics
1 answer:
prisoha [69]3 years ago
4 0

Answer:

To earn $10 in 1st month, the principal must be $4,000.

No, the poster cannot claim that "Open an account of ​$2 comma 500 and earn at least ​$10 interest in 1​ month!".

Step-by-step explanation:

We have been given that a bank manager wants to encourage new customers to open accounts with principals of at least ​$2,500. He decides to make a poster advertising a simple interest rate of 3​%. We are asked to find the principal to advertise that one can earn ​$10 the first​ month.

We will use simple interest formula to solve our given problem.

I=Prt, where,

I = Amount of interest,

P = Principal amount,

r = Annual interest rate in decimal form,

t = Time in years.

r=3\%=\frac{3}{100}=0.03

1 month will be equal to \frac{1}{12}.

\$10=P\cdot0.03\cdot \frac{1}{12}

\$10=0.0025P

\frac{\$10}{0.0025}=\frac{0.0025P}{0.0025}

P=\$4000

Therefore, to earn $10 in 1st month, the principal must be $4,000.

Now, we will check if an account of ​$2,500 can earn at least ​$10 interest in 1​ month.

I=\$2500\cdot 0.03\cdot \frac{1}{12}

I=\$6.25

Since the account earns an amount of $6.25 in one month, therefore, the poster is not true.

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