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# A bank pays simple interest of 2% with quarterly compounding for deposits in their savings account. Assume that a deposit of $1,000 is made on the first day of the quarter and another $2,000 is made on the 30 th day. A $900 withdrawal is made on the 60 th day. What is the interest earned in the savings account

A bank pays simple interest of 2% with quarterly compounding for deposits in their savings account. Assume that a deposit of $1,000 is made on the first day of the quarter and another $2,000 is made on the 30

^{th}day. A $900 withdrawal is made on the 60^{th}day.**Related Book For**

## Horngrens Financial And Managerial Accounting The Financial Chapters

6th Edition

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura

ISBN: 9780134486840

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