11. Use Figure 5.5. On March 20, Paul Herzog deposited $1,000 into his savings account that pays 5.5% interest compounded daily. How much interest will the money earn by April 20? * Figure 5.5 Elapsed Time Table March Apr. 107 May June Day No. 17 18 19 20 21 22 23 24 25 Jan. 17 18 19 20 21 22 23 24 Feb. 48 49 50 51 52 53 54 76 137 168 169 170 171 77 108 138 78 109 139 79 110 140 80 111 141 172 81 112 142 173 82 113 143 174 83 114 144 175 55 56 25 84 115 145 176 Compounded Interest Amount of S1.00 at 5.5% Compounded Daily, 365 Day Year Amount 1.00316 1.00331 1.00347 1.00362 1.00377 Amount 1.00468 1.00483 1.00498 1.00513 1.00528 Day Day 21 22 23 31 32 33 34 $5 24 25
11. Use Figure 5.5. On March 20, Paul Herzog deposited $1,000 into his savings account that pays 5.5% interest compounded daily. How much interest will the money earn by April 20? * Figure 5.5 Elapsed Time Table March Apr. 107 May June Day No. 17 18 19 20 21 22 23 24 25 Jan. 17 18 19 20 21 22 23 24 Feb. 48 49 50 51 52 53 54 76 137 168 169 170 171 77 108 138 78 109 139 79 110 140 80 111 141 172 81 112 142 173 82 113 143 174 83 114 144 175 55 56 25 84 115 145 176 Compounded Interest Amount of S1.00 at 5.5% Compounded Daily, 365 Day Year Amount 1.00316 1.00331 1.00347 1.00362 1.00377 Amount 1.00468 1.00483 1.00498 1.00513 1.00528 Day Day 21 22 23 31 32 33 34 $5 24 25
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Transcribed Image Text:G what is it called
11. Use Figure 5.5. On March 20, Paul Herzog deposited $1,000 into his savings
account that pays 5.5% interest compounded daily. How much interest will the
money earn by April 20? *
Figure 5.5 Elapsed Time Table
March
Apr.
May
June
Day No.
17
18
19
20
21
22
23
24
25
Jan.
17
18
|19
20
21
22
23
24
25
Feb.
48
49
50
51
52
53
54
55
76
107
137
168
77
108
138
169
78
109
139
170
79
110
140
171
80
111
141
172
81
112
|142
173
82
113
143
174
83
114
144
175
56
84
115
145
176
Compounded Interest
Amount of S1.00 at 5.5%
Compounded Daily, 365 Day Year
Amount
1.00316
Day
31
32
33
34
Amount
Day
21
1.00468
1.00483
1.00498
1.00513
1.00528
1.00331
1.00347
23
24
1.00362
1.00377
25
35
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