A Savings Account Pays Interest of 1

question 103

Short Answer

A savings account pays interest of 1.5%. 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:

Carbon Atoms

The fundamental building blocks of organic molecules, characterized by their ability to form four covalent bonds.

Arachidic Acid

A saturated fatty acid with a 20-carbon chain, found in certain plant oils and the fat components of some animals.

Carbon Atoms

The fundamental building blocks of all organic molecules, characterized by having six protons in their nucleus.

Melting Point

The temperature at which a solid becomes a liquid at atmospheric pressure.