An Investment Savings account offered by a trust company pays a rate of 0.50% on the first
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An Investment Savings account offered by a trust company pays a rate of 0.50% on the first $1000 of daily closing balance, 1.00% on the portion of the balance between $1000 and $3000, and 1.5% on any balance in excess of $3000. What interest will be paid for the month of January if the opening balance was $3678, $2800 was withdrawn on the 14th of the month, and $950 was deposited on the 25th of the month?
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Period No of Amount subject to a rate of inclusive days Balance 050 100 1...View the full answer
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Related Book For 
Fundamentals Of Business Mathematics In Canada
ISBN: 9781259370151
3rd Edition
Authors: F. Ernest Jerome, Jackie Shemko
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