A new bank customer with $3000 wants to open a money market account the bank is offering a simple interest rate of 1.1%
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Answer: 33
Step-by-step explanation: $3000 / 1.1%
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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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