A bank manager wants to encourage new customers to open accounts with principals of at least $2 comma 500. He decides to make a poster advertising a simple interest rate of 3%. What must the principal be if the bank manager also wants to advertise that one can earn $10 the first month? Can the poster correctly say, "Open an account of $2 comma 500 and earn at least $10 interest in 1 month!"?

To earn $10 in 1st month, the principal must be $4,000.

No, the poster cannot claim that "Open an account of $2 comma 500 and earn at least $10 interest in 1 month!".

Step-by-step explanation:

We have been given that a bank manager wants to encourage new customers to open accounts with principals of at least $2,500. He decides to make a poster advertising a simple interest rate of 3%. We are asked to find the principal to advertise that one can earn $10 the first month.

We will use simple interest formula to solve our given problem.

, where,

I = Amount of interest,

P = Principal amount,

r = Annual interest rate in decimal form,

t = Time in years.

1 month will be equal to .

Therefore, to earn $10 in 1st month, the principal must be $4,000.

Now, we will check if an account of $2,500 can earn at least $10 interest in 1 month.

Since the account earns an amount of $6.25 in one month, therefore, the poster is not true.

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step-by-step explanation:

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