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A bank pays simple interest of 2% with quarterly compounding for deposits in their savings account. Assume that a deposit of $1,000 is made on

A bank pays simple interest of 2% with quarterly compounding for deposits in their savings account. Assume that a deposit of $1,000 is made on the first day of the quarter and another $2,000 is made on the 30th day. A $900 withdrawal is made on the 60th day. 



What is the interest earned in the savings account for the quarter using the FIFO method? Assume 360 days in a year.

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