Question

A new bank customer with $3,000 wants to open a money market account. The bank is offering a

simple interest rate of 1.4%.
a. How much interest will the customer earn in 30 years?
b. What will the account balance be after 30 years?
a. The customer will earn $ in interest

Answer 1

Explanation:

SI=P*T*R/100

P=3000

t=30

r=1.4%

I=PRT

=3000*1.4*30/100

=$1260

After 30 years?

interest plus current amount

Account balance=3000+1260

=$4260

Answer 2

SI=P*T*R/100

=3000*1.4*30/100

=$1260

Account balance=3000+1260

=$4260