Answer: At the end of the day on December 8, he has a total balance of $2841.02
Step-by-step explanation:
The rate at which the compound interest adds up is a 3.7%.
His principal is $2644.08, on the 7th of December, he withdraws $550. Thus, his balance is = $2644.08 - $550 = $2094.08.
He later deposits $934, after being paid by his employer.
That is $2094.08 + $934 = $3028.08
Which is his balance at the end of the day on December 7.
Remember that the rate is daily, at a 3.7%.
A 3.7% of the balance of December 7, $3028.08 is $112.039.
In total, interest +amount = real balance,
$112.039+$3028.08 = $3140.119
He later withdraws $300 for holiday shopping = $3140.119 - 300 = $2840.119
But 1 dollar = 100 cents and vice versa.
Therefore, $2840.119 = $2841.019
In two decimal places, that is approximately $2841.02
Therefore, Mr Nolan's balance at the end of December 8 is $2841.02.
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