A Savings Account Pays Interest of 1

question 86

Short Answer

A savings account pays interest of 1.5% simple interest. Interest is calculated on the daily closing balance and paid at the close of business on the last day of the month. A depositor had a $2,239 opening balance on September 1, deposited $734 on September 7 and $627 on September 21, and withdrew $300 on both September 10 and September 21. What interest will be credited to the account at the month's end?

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Definitions:

Factor-Comparison Method

A job evaluation method that determines the relative value of a job by comparing it with factor levels in other jobs.

Job-Comparison Chart

A visual tool used to compare different jobs based on specific criteria, such as responsibilities and required skills.

Compensable Job Factor

Elements of a job that are considered when determining pay, such as skill level, effort, responsibility, and working conditions.

Internal Equity

In compensation refers to comparisons made by employees to other employees within the same organization.