Question

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

Answer 1

Answer:

66000 $ is the account balance

Answer 2

Answer:

660

Step-by-step explanation:

I=PRT

I=1.1%

P=3000

T=20

I=3000(1.1)(20)/100

$\frac{(20)(1.1)(3000)}{100}$= I

I=660