A new bank customer with $3,000 wants to open a money market account. The bank is offering a simple interest rate of 1.1%. What
will be the account balance after 20 years?
1 answer:
Answer: The interest customer earn in 20 years will be, $ 660
Step-by-step explanation :
Given:
Principle = $3000
Interest rate = 1.1 %
Time = 20 years
Now we have to determine the simple interest.
Formula used :
where,
P = principle
R = interest rate
T = time
S.I = simple interest
Now put all the given values in the above formula, we get:
Thus, the interest customer earn in 20 years will be, $ 660
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