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 December 31, 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.

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 December 31, 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. (11 marks in total) Initial Deposit (December 31, 2018) February 5 March 18 April 9 April 22 May 10 June 10 July 15 August 21 October 15 November 20 Scenario (b) $8,000 interest rate = 3.8% Deposit $2500 Withdraw $1800 Withdraw $1500 Deposit $2200 Rate change 3.4% Deposit $1200 Rate change 3.1% Withdraw $2000 Rate change 2.8% Deposit $1750