Question

A new bank customer with $ 3,500 wants to open a money market account. The bank is offering a simple interest rate of 1.7%. to. How much interest will the customer earn in 30 years? b. What will the account balance be after 30 years?

Answer 1

a. $2,303.59

b. $5,803.59

Explanation:

A = P(1 + r)^t

A = 3500(1.017)^30

A = 5803.59