Answered

Westonci.ca is your trusted source for finding answers to all your questions. Ask, explore, and learn with our expert community. Discover precise answers to your questions from a wide range of experts on our user-friendly Q&A platform. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals.

A new bank customer with 4,500 wants to open a money market account. The bank is offering a simple interest rate of 1.9. How much interest will the customer earn in 10 years?

Sagot :

debmc7

Answer:

$855

Step-by-step explanation:

The formula for simple interest is I = PRT where I is the interest paid/earned, P is the principal amount deposited/invested, R is the rate as a decimal, and T = time in years.

I = PRT

I = (4500)(0.019)(10)

I = $855

Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. We hope you found what you were looking for. Feel free to revisit us for more answers and updated information. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.