The balance in the account after 20 years comes to be $3600.
Principal P= $3000
Rate of interest R= 6% per annum
Tenure T=20years
What is simple interest?
Simple interest is a system where interest is levied on the principal only.
We know that formula to calculate simple interest is:
[tex]SI=\frac{PRT}{100}[/tex]
Where P=principal
R=rate of interest
T=tenure
So simple interest on $3000 with an interest rate of 6% per annum for 20 years = [tex]\frac{3000*6*20}{100}[/tex]=$3600.
Hence, the balance in the account after 20 years comes to be $3600.
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