Question

A new bank customer with $3,000 wants to open an IRA (Individual Retirement

Account) to earn money for retirement. The bank is offering a simple interest rate
of 11%.
PART A: How much interest will the customer earn in 20 years?
PART B: What will be the account balance after 20 years?

help me please

Answer 1

First take 11% of 3000 which is 330

So 330 per year

according to that in 20 years it will be ($330*20 =$6600)=answer A

Answer B = the total money will be 6600+3000 which is 9600$