Question

A new bank customer with $3000 wants to open a monkey market account the bank is offering a simple interest rate 1.1% what will the account balance be after 20 years.

PLEASE HELP ASAP!

Answer 1

Explanation:

Answer 2

$3660

Explanation:

To calculate simple interest, we can use the formula P * R * T, with P representing the initial value, R being the interest rate, and T being time. Plugging our values in, we get

P = 3000

R = 1.1 / 100 = 0.011 (divide by 100 to convert from a percentage to a decimal)

T = 20 years

P * R * T = 660

Add that to our initial value to get our final account balance, or 3000 + 660 = 3660