Question

The beginning balance of Cooper's savings account for the month of September was $5700, and it remained this way for the first 11 days of the month. On September 12, Cooper made a withdrawal of $900, so his balance changed, and it remained the same for a total of 9 days. On September 20, Cooper made a deposit of $1100, so his balance changed again, and it remained the same for a total of 10 days to finish out the month. Cooper's savings account has an APR of 3.65%, calculates interest daily, and pays interest at the end of the month. Cooper wants to calculate the amount he earned in interest during the month of September. (5 points: Part I – 1 point; Part II – 1 point; Part III – 1 point; Part IV – 1 point; Part V – 1 point)
Part I: What interest rate does Cooper's savings account pay per day?

Daily interest rate: 0.01%



Part II: How much did Cooper earn in interest during the first 11 days of September?

Interest earned after 11 days: $6.27


Part III: How much did Cooper earn in interest during the next 9 days of September?





Part IV: How much did Cooper earn in interest during the last 10 days of September?



Part V: How much did Cooper earn in interest during the month of September?

Answer 1

He earned 6% interest in the month of September