Business, 30.06.2020 18:01 alex8366

Republic bank pays 3.25% interest, compounded monthly. (1) what is your average daily balance for march?
(2) how much interest will you have earned if you have the following transactions? (march has 31 days)
date account activity balance
march 1 beginning balance $6,500
march 16 withdraw $1,500 $5,000
march 28 deposit $700 $5,700
a) $5,500 average daily balance; $15.18 in interest
b) $5,816.13 average daily balance; $16.05 in interest
c) $5,819.35 average daily balance; $15.54 in interest
d) $6,010 average daily balance; $16.59 in interest

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Republic bank pays 3.25% interest, compounded monthly. (1) what is your average daily balance for m...