O, Aprl 1. a business owner made a deposit of $16,700 to open a sargs a court pa

Question

O, Aprl 1. a business owner made a deposit of $16,700 to open a sargs a court paying 32%componded daly Awitdrwal of S5800 was made 21 days later and another withdrawal of $900 was made 9 days before July 1. Find the intorest eamed theough July 1 and the account belance on that date. (Hint Soe the table oothote for 91 days.) eick the icor, bo view the 3.5% compound intrest table How much interest is eamed through July 17 (Round to the nearest cent as needed How much is the account balance on July 1 (Round to the nearest cent as needed Enter your answer in each of the answer boxes MacBook Air 8

Explanation / Answer

P = 16700

r = 2.5 % / 365

t = 21 days

A = P(1+r)t = 16700(1+2.5%/365)21 = 16724

P1 = A - 5800 = 16724 - 5800 = 10924

Now , t1= (30 + 31 + 30 - 21 - 9 ) = 61

A1 = P1(1+r)t1 = 10924 (1+2.5%/365)61

A1 = 10970

A2 = A1 - 900 = 10970 - 900 = 10070

P2 = A2 = 10070

t2 = 9days

A3 = P2(1+r)t = 10070(1+2.5%/365)9 = 10076

Interest earned = A3 - (P - 5800 - 900 ) = 10076 - (16700 - 5800 - 900) = 76

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