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31 October, 10:34

A new bank customer with $4,500 wants to open a money market account. The bank is offering a simple interest rate of 1.5 %. (A). How much interest will the customer earn in 10 years? (B). What will the account balance be after 10 years?

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  1. 31 October, 11:01
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    I = PRT / 100

    = 4500*1.5*10/100 = $675

    Interest = $675 after 10 years

    (b) Account balance will be $5175
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