Find the amount of annuity.
1 answer:
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Answer:
Step-by-step explanation:
rate = 3.5% per month
A) Six days later the bank calculated the daily interest.
so, time = 6 days
= 6 / 30 = 1/5 month
simple interest
=35%
B) For $5000, t = 1 month
For $2000, t = 20 / 30 = 2/3 month
For $8000, t = 16/30 months
Simple interest for $5000
$175
Simple interest for $2000
=$46.67
Simple interest for $8000
=$149.33
Total amount in account at the end of 30 days is
= $5000 + $175 + $2000 + $46.67 + $8000 + $149.33
= $15371