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12345 [234]
2 years ago
11

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?
Mathematics
1 answer:
Goshia [24]2 years ago
5 0

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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