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