3. The beginning balance of Cooper's savings account for the month of September was $5700,
and it remained this way for the first 11 days of the month. On September 12, Cooper made a
withdrawal of $900, so his balance changed, and it remained the same for a total of 9 days. On
September 20, Cooper made a deposit of $1100, so his balance changed again, and it remained
the same for a total of 10 days to finish out the month. Cooper's savings account has an APR of
3.65%, calculates interest daily, and pays interest at the end of the month. Cooper wants to
calculate the amount he earned in interest during the month of September. (5 points: Part I-1
point: Part II – 1 point, Part III – 1 point; Part IV – 1 point; Part V-1 point)
Part I: What interest rate does Cooper's savings account pay per day?
Part II: How much did Cooper earn in interest during the first 11 days of September?
Part III: How much did Cooper earn in interest during the next 9 days of September?
Part IV: How much did Cooper earn in interest during the last 10 days of September?
Part V: How much did Cooper earn in interest during the month of September?
Answers: 2
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3. The beginning balance of Cooper's savings account for the month of September was $5700,
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