Answer:
Her money earned a simple interest of $24.55.
Step-by-step explanation:
Since Tessa deposited $9364.85 and she gets 4% interest on daily basis, then before she withdraws $1000 after 5 days, she must've gotten an interest of:
9364.85 x 4% × (5/365) ≈ 5.13
After withdrawing $1000, she has $8364.85. If this remains in the account for 12days, as we have in the question, then the interest on that will be:
8364.85 x 4% × (12/365) ≈ 11.00
After withdrawing $2000, she has $6364.85. If this remains for 10days, her interest would be:
6364.85 x 4% × (10/365) ≈ 6.98
After withdrawing $2000, she has $4364.85. If this remains for 3days, her interest would be:
4364.85 x 4% × (3/365) ≈ 1.44.
In totality, her interest would be: 5.13 + 11.00 + 6.98 + 1.44 = 24.55.
Hence, her money earned a simple interest of $24.55.
