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?
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.