This question deals with a daily interest account. These are bank accounts that calculate interest daily using

simple interest (calculated on the minimum daily balance), but at the end of each month the calculated interest

is added to your account.

Based on the transactions listed below, you will need to calculate the final balance in the account at the end of

the day on June 30, 2019 along with calculating the total interest earned during the year. Be sure to show the

interest that was calculated for each month and your accumulated balance at the end of each month.

(6 marks in total)

Initial Deposit (December 31, 2018) $8,000 interest rate = 3.8%

February 5 Deposit $2500

March 18 Withdraw $1800

April 9 Withdraw $1500

April 22 Deposit $2200

May 10 Rate change 3.4%

June 10 Deposit $1200