Answer:
The poster say, "Open an account of $3,500 and earn at least $10 interest in 1 month!" is correct
Step-by-step explanation:
Given, A bank manager wants to encourage new customers to open accounts with principals of at least $3,500.
He decides to make a poster advertising a simple interest rate of 4.8%.
We have to find what must the principal be if the bank manager also wants to advertise that one can earn $10 the first month
We know that, banks offer simple interest
In our problem, simple interest = $10, rate = 4.8%, time = 1 month
Let us see Can the poster correctly say, "Open an account of $3,500 and earn at least $10 interest in 1 month!"?
So now, in our problem, amount = $3500, rate = 4.8% and time = 1 month =
So, the statement is correct.
Hence, amount to be invested is $2500 and poster says correctly.
