Asked by Johnny Tsunami on Apr 28, 2024
Verified
Joyce had $2,149 in her daily interest savings account for the entire month of June. Her account was credited with interest of $2.65 on June 30 (for the exact number of days in June). What annual rate of simple interest did her balance earn?
Daily Interest
Interest calculation method where the interest is accrued daily.
Savings Account
A bank account where money is kept so that it can earn interest over time, typically used for holding funds that are not needed for daily expenses.
- Calculate interest earned on term deposits and savings accounts.
- Develop skills in calculating the effective annual rate from given simple interest situations.
Verified Answer
ZK
Learning Objectives
- Calculate interest earned on term deposits and savings accounts.
- Develop skills in calculating the effective annual rate from given simple interest situations.