The Moneybuilder account offered by a chartered bank calculates interest daily based on the daily closing balance as follows: Interest rate (%) Amount to which the rate applies 0.00 Balance when it is below $1000 1.25 Entire balance when it is between $1000 and $3000 1.75 Portion of balance above $3000 The balance at the beginning of March was $1678. On March 5, $700 was withdrawn. Then $2500 was deposited on March 15, and $900 was withdrawn on March 23. What interest will be credited to the account for the month of March? (Do not round the intermediate calculations. Round your answer to the nearest cent.)
The Moneybuilder account offered by a chartered bank calculates interest daily based on the daily closing balance as follows: Interest rate (%) Amount to which the rate applies 0.00 Balance when it is below $1000 1.25 Entire balance when it is between $1000 and $3000 1.75 Portion of balance above $3000 The balance at the beginning of March was $1678. On March 5, $700 was withdrawn. Then $2500 was deposited on March 15, and $900 was withdrawn on March 23. What interest will be credited to the account for the month of March? (Do not round the intermediate calculations. Round your answer to the nearest cent.)
Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
Chapter2: Second-order Linear Odes
Section: Chapter Questions
Problem 1RQ
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The Moneybuilder account offered by a chartered bank calculates interest daily based on the daily closing balance as follows:
Interest rate (%) Amount to which the rate applies
0.00 Balance when it is below $1000
1.25 Entire balance when it is between $1000 and $3000
1.75 Portion of balance above $3000
The balance at the beginning of March was $1678. On March 5, $700 was withdrawn. Then $2500 was deposited on March 15, and $900 was withdrawn on March 23.
What interest will be credited to the account for the month of March? (Do not round the intermediate calculations. Round your answer to the nearest cent.)
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