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A new bank customers with 3,000 wants to open a money market account. The bank is offering a simple interest rate of 1.1% a. How much interest will the customer earn in 20 years? b. What will be the account balance after 20 years?

Respuesta :

Answer:

$660

Step-by-step explanation:

brogala07

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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