A new bank customer with $2,000 wants to open a money market account. The bank is offering a simple interest rate of %1.1a. Ho
w much interest will the customer earn in 10 years? b. What will the account balance be after 10 years?
1 answer:
Answer:
$2220
Step-by-step explanation:
Step one
Given data
Principal= $2000
rate= 1.1%= 0.011
time= 10 years
<u>Required</u>
<u>The final amount A</u>
Step two;
For simple interest, the final amount is given as
A=P(1+rt)
substitute
A=2000(1+0.011*10)
A=2000(1+0.11)
A=2000(1.11)
A=2220
$2220
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