The interest that will the customer earn in 10 years is $385.
What is simple interest?
Simple interest is a method for figuring out how much interest was paid on a sum of money during a specific time period at a specific rate.
Simple interest has a constant principal amount. Simple interest is a straightforward and easy technique for calculating interest in money. Interest is always applied to the initial principal amount under the simple interest method, and the rate of interest is the same for each time cycle. When we deposit money in a bank, the bank pays us interest on our investment. Banks charge various sorts of interest, one of which is simple interest.
The customer deposit $3500 when he opens the account.
The interest rate of the bank is 1.1% = 0.011.
He deposits the amount for 10 years.
The formula of simple interest is I = PRT.
I = 3500 × 0.011 × 10
I = 385
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