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25 February, 19:03

Find the interest earned.

Assume 3.5% interest compounded daily.

$2,750 deposited June 12 and withdrawn August 30

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  1. 25 February, 20:19
    0
    June is 30 days

    30-12=18 days

    July is 31 days

    August is 30 days

    Time=18+31+30=79 days

    A=2,750 * (1+0.035:365) ^ (79)

    A=2,770.91

    Interest earned

    I=A-p

    I=2770.91-2750

    I==20.91
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