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01-04-2021
Mathematics

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A new bank customer with $4000 wants to open a money market account the bank is offering a simple interest rate of 1.5% how much interest with a customer in 20 years

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samuelonum1 samuelonum1

05-04-2021

Answer:

$1200

Step-by-step explanation:

Given data

Principal=$4000

Rate=1.5%

Time= 20years

The expression for simple interest is

SI= PRT/100

Substitute

SI= 4000*1.5*20/100

SI=120000/100

SI=$1200

Hence the interest is $1200

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