Jordan deposits $3000 into his new bank account bank has a simple interest rate of 1.8%. What will his account balance be after 30 years?

Answer 1

To calculate the account balance after 30 years, we need to calculate the interest earned on the initial deposit using the formula:

Interest = Principal * Rate * Time

Substituting the given values:

Interest = 3000 * 0.018 * 30 = $1620

Adding the interest earned to the initial deposit:

Account balance = Principal + Interest = 3000 + 1620 = $<<3000+1620=4620>>4620

Therefore, Jordan's account balance will be $4620 after 30 years.