3199390
Answered

Find the best solutions to your questions at Westonci.ca, the premier Q&A platform with a community of knowledgeable experts. Join our Q&A platform to get precise answers from experts in diverse fields and enhance your understanding. Our platform offers a seamless experience for finding reliable answers from a network of knowledgeable professionals.

HELWP MWEEEEEEEEEEEEEEE
A new bank customer with ​$
4,000 wants to open a money market account. The bank is offering a simple interest rate of
1.3​%.
a. How much interest will the customer earn in
10 ​years?
b. What will the account balance be after
10 ​years?

:

Sagot :

1440 is the answer I think
IxXDuckyxXI

A = $1,120 B = $5120

Step-by-step explanation:

1.4/100 = 0.014

0.014 x 4000 = 56

1.4% interest on the $4,000 is $56.

56 x 20 (years) = 1,120

A= $1,120

To get B simply add 1,120 to 4000.

1,120 + 4000 = 5120

B = 5120.

Thanks for using our platform. We aim to provide accurate and up-to-date answers to all your queries. Come back soon. We appreciate your time. Please come back anytime for the latest information and answers to your questions. Thank you for choosing Westonci.ca as your information source. We look forward to your next visit.