Answer : The interest customer earn in 20 years will be, $ 660
Step-by-step explanation :
Given:
Principle = $3000
Interest rate = 1.1 %
Time = 20 years
Now we have to determine the simple interest.
Formula used :
[tex]S.I=\frac{PRT}{100}[/tex]
where,
P = principle
R = interest rate
T = time
S.I = simple interest
Now put all the given values in the above formula, we get:
[tex]S.I=\frac{(\$3000)\times 1.1\times (20)}{100}[/tex]
[tex]S.I=\$ 660[/tex]
Thus, the interest customer earn in 20 years will be, $ 660
