A new bank costumer with 2500 dollars wants to open a money market account. The bank is offering a simple interest rate of 1.5 percent. How

Question

A new bank costumer with 2500 dollars wants to open a money market account. The bank is offering a simple interest rate of 1.5 percent. How much interest will the account balance be after 30 years? What will the account balance be after 30 years?

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Nevaeh 4 weeks 2021-09-15T16:08:25+00:00 2 Answers 0

Answers ( )

    0
    2021-09-15T16:09:25+00:00

    Answer:

    1125 for the interest amount , 3625 for the total account balance

    Step-by-step explanation:

    calculating the amount of interest after 30 years and the balance after 30 years

    the formula of the simple interest :

    \frac{PRT}{100}

    where:

    P is the principle

    R is the rate of interest

    T is the number of years

    Interest amount after 30 years

    input the values in the formula to get the amount of interest

    = (2500 *1.5*30)/100

    =$1125

    amount of interest after 30 years is $1125  

    Account balance after 30 years

    add the amount of interest after 30 years to the original principle amount

    = 1125 + 2500

    =$3625

    account balance after 30 years is $3625

    0
    2021-09-15T16:09:53+00:00

    Answer:

    Step-by-step explanation:

    The formula for determining simple interest is expressed as

    I = PRT/100

    Where

    I represents interest paid on the amount deposited.

    P represents the principal or amount deposited.

    R represents interest rate

    T represents the duration in years.

    From the information given,

    P = 2500

    R = 1.5%

    T = 30 years

    I = (2500 × 1.5 × 30)/100 = $1125

    the account balance be after 30 years is

    1125 + 2500 = $3625

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