A new bank customer with $2,500 wants to open a money market account. The bank is offering a simple interest rate of 1.2%. a. How much interest will the customer earn in 20 years? b. What will the account balance be after 20 years?

Step-by-step explanation:

Step one:

given data

Principal = $2500

rate = 1.2%

time = 20 years

Step two:

The simple interest is expressed as

SI= PRT/100

substitute

SI= 2500*1.2*20/100

SI= $600

The account balance after 20 years is

= principal + Simple interest

= 2500+600

= $3100

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step-by-step explanation:

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