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Nonamiya [84]
3 years ago
15

A new bank costumer with 2500 dollars wants to open a money market account. The bank is offering a simple interest rate of 1.5 p

ercent. How much interest will the account balance be after 30 years? What will the account balance be after 30 years?
Mathematics
2 answers:
padilas [110]3 years ago
4 0

Answer:

Step-by-step explanation:

The formula for determining simple interest is expressed as

I = PRT/100

Where

I represents interest paid on the amount deposited.

P represents the principal or amount deposited.

R represents interest rate

T represents the duration in years.

From the information given,

P = 2500

R = 1.5%

T = 30 years

I = (2500 × 1.5 × 30)/100 = $1125

the account balance be after 30 years is

1125 + 2500 = $3625

Marta_Voda [28]3 years ago
3 0

Answer:

1125 for the interest amount , 3625 for the total account balance

Step-by-step explanation:

<h2><u>calculating the amount of interest after 30 years and the balance after 30 years</u></h2>

<u />

the formula of the simple interest :

\frac{PRT}{100}

where:

P is the principle

R is the rate of interest

T is the number of years

<h3><u>Interest amount after 30 years</u></h3>

input the values in the formula to get the amount of interest

= (2500 *1.5*30)/100

=$1125

<em>amount of interest after 30 years is</em> <u>$1125  </u>

<u></u>

<h3><u>Account balance after 30 years </u></h3>

add the amount of interest after 30 years to the original principle amount

= 1125 + 2500

=$3625

<em>account balance after 30 years is</em> <u>$3625</u>

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