Question

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

Answer 1

Step-by-step explanation:20 multiplied by .011 and by 3000 will get you 660

Answer 2

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 :

`S.I=(PRT)/(100)`

where,

P = principle

R = interest rate

T = time

S.I = simple interest

Now put all the given values in the above formula, we get:

`S.I=((\$3000)* 1.1* (20))/(100)`

`S.I=\$ 660`

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