Canadian Western Bank offers a Summit Savings Account with posted interest rates as indicated in the table below. Only each tier is subject to the posted rate, and interest is calculated daily based on the closing balance. Balance Interest Rate $0-$5,000.00 0% 1.05% $5,000.01-$1,000,000.00 $1,000,000.01 and up 0.80% December's opening balance was $550,000. Two deposits in the amount of $600,000 each were made on December 3 and December 21. Two withdrawals in the amount of $400,000 and $300,000 were made on December 13 and December 24, respectively. What interest for the month of December will be deposited to the account on January 1?

Canadian Western Bank offers a Summit Savings Account with posted interest rates as indicated in the table below. Only each tier is subject to the posted rate, and interest is calculated daily based on the closing balance. Balance Interest Rate $0-$5,000.00 0% 1.05% $5,000.01-$1,000,000.00 $1,000,000.01 and up 0.80% December's opening balance was $550,000. Two deposits in the amount of $600,000 each were made on December 3 and December 21. Two withdrawals in the amount of $400,000 and $300,000 were made on December 13 and December 24, respectively. What interest for the month of December will be deposited to the account on January 1?

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 1EA: Campus Flights takes out a bank loan in the amount of $200,500 on March 1. The terms of the loan...

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Rakesh
Round answers to nearest dollar
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