A high-rate savings account pays interest of 3.05%. Interest is calculated on the daily closing balance and

Question:

A high-rate savings account pays interest of 3.05%. Interest is calculated on the daily closing balance and paid at the close of business on the last day of the month. A depositor had a $7255 opening balance on November 1, withdrew $520 on November 17, and deposited $915 on November 21. What interest will be credited to the account at the month’s end?

Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Business Mathematics In Canada

ISBN: 9781260065992

10th Edition

Authors: F. Ernest Jerome, Tracy Worswick

Question Posted: