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A bank manager wants to encourage new customers to open accounts with initial deposits of at least $3000. He has posters made for the promotion. Under the new promotion, what is the minimum amount of interest a new account would make in one year it there were no withdrawals from the account?

Respuesta :

Incomplete question. However, let us assume

  • the interest rate is 5%, and
  • the time is 1 year.

Answer:

$150

Step-by-step explanation:

Note, the bank manager wants new customer accounts opened with at least, $3,000. Hence we have a principal, $3000. Using the simple interest formula:

[tex]S.I= \frac{amount*rate*time}{100}[/tex]

[tex]SI=\frac{3000*5*1}{100}[/tex] = $150

Therefore, the minimum amount of interest a new account would make in one year is $150.

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