Given:
Principal amount = $3000
Rate of simple interest = 1.1%
To find:
The amount that the customer will earn in one year.
Solution:
Formula for simple interest is
[tex]I=P\times r\times t[/tex]
where, P is principal, r is rate of interest and t is time in years.
Substituting P=3000, r=0.011 and t=1, we get
[tex]I=3000\times 0.011\times 1[/tex]
[tex]I=33[/tex]
Therefore, the customer will earn $33 in one year.
