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Dan wants to deposit a $500 bonus cheque into his high-rate savings account that pays interest of ...

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Dan wants to deposit a $500 bonus cheque into his high-rate savings account that pays interest of ...

Dan wants to deposit a $500 bonus cheque into his high-rate savings account that pays interest of 2.575%. Interest is calculated on the daily closing balance and paid at the close of business on the last day of the month. If Dan's current balance is on June 1 is $955 and he does not make any withdrawals, what interest will he earn on his savings account for the month of June by depositing the cheque on June 11?

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Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

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Thanks

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