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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?

▸ $4.75

▸ $2.73

▸ $5.46

▸ $1.25

▸ $1.98

Textbook

Business Mathematics in Canada

Edition: 11^th

Authors: Jerome, Worswick

Read 103 times

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maogin

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More solutions for this book are available here

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Help! The answer is missing an explanation...

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maogin

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Done !

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