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The cash balance in Amalias account with her stockbroker earns interest on the daily balance at an annual rate of

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The cash balance in Amalia€™s account with her stockbroker earns interest on the daily balance at an annual rate of 4%. Accrued interest is credited to her account every six months€”on June 30 and December 31. As a result of the purchase and sale of securities from time to time, the account€™s balance changed as follows:
The cash balance in Amalia€™s account with her stockbroker earns

What interest was credited to Amalia€™s account on June 30? The brokerage firm includes interest for both January 1 and June 30 in the June 30 payment. Assume that February had 28 days.

Transcribed Image Text:

Period Balance January 1 to March 3 March 4 to May 23 May 24 to June 16 June 17 to June 30 $3347 $8687 $2568 $5923

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Business Mathematics In Canada

Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

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Question Posted: January 20, 2016 07:10:29
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