The Moneybuilder account offered by a chartered bank calculates interest daily based on the daily closing balance

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The Moneybuilder account offered by a chartered bank calculates interest daily based on the daily closing balance as follows:

The balance at the beginning of March was $1678. On March 5, $700 was withdrawn. Then $2500 was deposited on March 15, and $900 was withdrawn on March 23. What interest will be credited to the account for the month of March?

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Business Mathematics In Canada

ISBN: 978-0070009899

7th edition

Authors: Ernest Jerome

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Question Posted: Jan 20, 2016 07:13 AM

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The Moneybuilder account offered by a chartered bank calculates interest daily based on the daily closing balance

Question:

Interest rate (%) 0.00 1.25 1.75 Amount to which the rate applies Balance when it is below $1000 Entire balance when it is between $1000 and $3000 Portion of balance above $3000

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Amount subject to a rate of Period Inclusive of end date...View the full answer

Business Mathematics In Canada

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