Question

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Part 1
A new bank customer with ​$ wants to open a money market account. The bank is offering a simple interest rate of ​%.
a. How much interest will the customer earn in ​years?

Answer 1

Answer: The interest customer earn in 20
years will be, $ 660
Explanation:
Given:
Principle = $3000
Interest rate = 1.1 %
Time = 20 years
Now we have to determine the simple interest.
Formula used:
S.I = PRI
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:
5.1 =
_ ($3000)x1.1x(20)
100
S.I = $660
Thus, the interest customer earn in 20 years will be, $ 660