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1b. A new bank customer with $3,000 wants to open a money market account. The bank is offering a simple interest rate of 4.5%. What will be the account balance after 20 years? *

Respuesta :

Answer:

$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 : [tex]S.I = \frac{PRT}{100}[/tex]

where,

P = principle  

R = interest rate  

T = time  S.I = simple interest

Thus, the interest customer earn in 20 years will be, $ 660

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