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10. 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%.

a. How much interest will the customer earn in 20 years?

b. What will be the account balance after 20 years? --​

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Answer:

Given:

Principal amount = $3000

Rate of simple interest = 1.1%

To find:

The amount that the customer will earn in one year.

Solution:

Formula for simple interest is

where, P is principal, r is rate of interest and t is time in years.

Substituting P=3000, r=0.011 and t=1, we get

Therefore, the customer will earn $33 in one year.

Step-by-step explanation:

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