On March 18, when the posted prime rate was 2%, an investment of $2,000 was placed into

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On March 18, when the posted prime rate was 2%, an investment of $2,000 was placed into an account earning prime + 1.5%. Effective May 2, the prime rate rose by 1%. If the money was withdrawn on November 8, how much simple interest did it earn?

Related Book For answer-question

Income Tax Fundamentals 2013

ISBN: 9781285586618

31st Edition

Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill

Posted Date: Mar 26, 2024 10:38 PM

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On March 18, when the posted prime rate was 2%, an investment of $2,000 was placed into

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Expert Answer:

Account interest rate can be calculated as Prime rate 15 Account interest rate is 2 15 35 ... View the full answer

Income Tax Fundamentals 2013

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