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umka2103 [35]
3 years ago
15

A bank manager wants to encourage new customers to open accounts with initial deposits of at least $3000. He has posters made fo

r the promotion. Under the new promotion, what is the minimum amount of interest a new account would make in one year it there were no withdrawals from the account?
Mathematics
1 answer:
belka [17]3 years ago
7 0

Incomplete question. However, let us assume

  • the interest rate is 5%, and
  • the time is 1 year.

Answer:

<u>$150</u>

Step-by-step explanation:

Note, the bank manager wants new customer accounts opened with at least, $3,000. Hence we have a principal, $3000. Using the simple interest formula:

S.I= \frac{amount*rate*time}{100}

SI=\frac{3000*5*1}{100} = $150

Therefore, the <em>minimum</em> amount of interest a new account would make in one year is <u>$150.</u>

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