At the end of September Andy had $9,000 in his daily interest savings account. On the 12^th of October he withdrew $4,000. He made no other withdrawals or deposits in October. The interest rate throughout October was 4.2%. How much interest did Andy earn on this savings account in October? A) $9.21 B) $41.31 C) $22.90 D) $19.82 E) $26.17

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Quizplus · Accepted Answer

Interest is calculated daily. For the first 11 days, Andy had $9,000, and for the remaining 20 days, he had $5,000. The interest for October is calculated as: (11/365) * 9000 * 0.042 + (20/365) * 5000 * 0.042 = $22.90.

At the End of September Andy Had $9,000 in His