Solve the Application Problem

question 13

Multiple Choice

Solve the application problem. If no interest rate is given, assume interest compounded daily. Round to the nearest
cent.
-On October 1, The Bakery opened a savings account with a deposit of $15,100. A withdrawal of $7500 was made 15 days later and another withdrawal of $400 was made 8 days before January 1. Find the balance on January 1.

• A)$7,277.30
• B)$7,277.82
• C)$7,277.14
• D)$7,277.89

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