Question

On May 1, Cleveland Livingston opened a savings account that paid

Answer 1

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  $=\frac{P*r*t}{100}$

$=\frac{5000*3.5*1/5}{100} \\\\=35$

=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

$=\frac{500083.5*1}{100} \\\\= 175$

$175

Simple interest for $2000

$=\frac{2000*3.5*2/3}{100} \\\\=\ 46.67$

=$46.67

Simple interest for $8000

$=\frac{8000*3.5*16/30}{100} \\\\=149.33$

=$149.33

Total amount in account at the end of 30 days is

= $5000 + $175 + $2000 + $46.67 + $8000 + $149.33

= $15371