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Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
Edition 12ISBN: 978-0132605540 Exercise 128
Solve the following application problems. If no interest rate is given, assume
interest compounded daily. Round to the nearest cent.
SAVINGS ACCOUNT The owner of International Magic opened a savings account at Bank of America for the extra cash in the firm. The initial deposit of $7800 was made on July 7. A withdrawal of $1500 was made 46 days later, and an additional withdrawal of $1000 was made 30 days before October 1. Find (a) the balance on October 1 __________________ and (b) the interest earned through that date.
interest compounded daily. Round to the nearest cent. SAVINGS ACCOUNT The owner of International Magic opened a savings account at Bank of America for the extra cash in the firm. The initial deposit of $7800 was made on July 7. A withdrawal of $1500 was made 46 days later, and an additional withdrawal of $1000 was made 30 days before October 1. Find (a) the balance on October 1 __________________ and (b) the interest earned through that date.
Explanation
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Consider each deposit or withdrawal sep...
Business Mathematics Brief 12th Edition by Stanley Salzman ,Gary Clendenen, Charles Miller
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