A new bank customer with $3,000 wants to open a money market account. The bank is offering a simple interest rate of 1.1%. How much interest will the customer earn in 20 years? What will be the account balance after 20 years?
The formula is P*R*T and that stands for principal * rate * time (in years). When you use the formula and plug in all of the numbers, you get the answer $3,660.
