Republic Bank pays 3.25% interest, compounded monthly. (1) What is your average daily balance for March? (2) How much interest will you have earned if you have the following transactions? (March has 31 days) DATE March 1 March 9 March 25 ACCOUNT withdraw $1,500 deposit $800 ACTIVITY BALANCE beginning balance $3,500 $2,000 $2,800 $3,610 average daily balance; $6.59 in interest $2,567.74 average daily balance; $7.09 in interest $3,816.13 average daily balance; $16.05 in interest $2,789.35 average daily balance; $5.76 in interest
Republic Bank pays 3.25% interest, compounded monthly. (1) What is your average daily balance for March? (2) How much interest will you have earned if you have the following transactions? (March has 31 days) DATE March 1 March 9 March 25 ACCOUNT withdraw $1,500 deposit $800 ACTIVITY BALANCE beginning balance $3,500 $2,000 $2,800 $3,610 average daily balance; $6.59 in interest $2,567.74 average daily balance; $7.09 in interest $3,816.13 average daily balance; $16.05 in interest $2,789.35 average daily balance; $5.76 in interest
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![Republic Bank pays 3.25% interest, compounded monthly. (1) What is your average daily balance for
March? (2) How much interest will you have earned if you have the following transactions? (March
has 31 days)
DATE
March 1
March 9
March 25
ACCOUNT
withdraw $1,500
deposit $800
ACTIVITY BALANCE
beginning balance $3,500
$2,000
$2,800
$3,610 average daily balance; $6.59 in interest
$2,567.74 average daily balance; $7.09 in interest
$3,816.13 average daily balance; $16.05 in interest
$2,789.35 average daily balance; $5.76 in interest](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F806f9937-bff6-4e36-b2fe-a6e0b2163158%2F40d94141-2d69-4c3e-95a2-4d6b787e2ff9%2Fa4cx3h_processed.png&w=3840&q=75)
Transcribed Image Text:Republic Bank pays 3.25% interest, compounded monthly. (1) What is your average daily balance for
March? (2) How much interest will you have earned if you have the following transactions? (March
has 31 days)
DATE
March 1
March 9
March 25
ACCOUNT
withdraw $1,500
deposit $800
ACTIVITY BALANCE
beginning balance $3,500
$2,000
$2,800
$3,610 average daily balance; $6.59 in interest
$2,567.74 average daily balance; $7.09 in interest
$3,816.13 average daily balance; $16.05 in interest
$2,789.35 average daily balance; $5.76 in interest
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