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:

Aggregate Supply Curve

A graphical representation depicting the total supply of goods and services that firms in an economy are willing to produce at various price levels.

Average Price Level

The average of current prices across the entire spectrum of goods and services produced in the economy.

Final Goods

Final goods are products that have completed the manufacturing process and are purchased for consumption by the end consumer rather than for resale or further processing.

Keynesian Point of View

An economic theory suggesting that government intervention through fiscal and monetary policy can mitigate the adverse effects of recessions, depressions, and booms.