Mathematics: Henry savings account has an apr of 3.65 percent, calculate interest daily, and pays interest at the end of the month. if during the month november, his balance was $300 for the first 10 days of the month, $1200 for the next 10 days of the month and $800 for the last 10 days of the month how much total interest did henry earn in november

Henry savings account has an apr of 3.65 percent,

lberman2005p77lfi

15.03.2022

APR is the annual percentage rate. To get daily percentage rate, we need to divide APR by 365. We have,

daily rate = 3.65/365=0.01 (in percentage). In decimal it is $\frac{0.01}{100}=0.0001$ .

To get total interest, we calculate it accordingly:

For first 10 days, he gets daily interest of 0.01% on $300:

300*10*0.0001=0.3

For next 10 days, he gets daily interest of 0.02% on $1500:

1200*10*0.0001=1.2

For the last 10 days, he gets daily interest of 0.02% on $600:

800*10*0.0001=0.8

Henry's total interest is the sum of these three,

0.3+1.2+0.8=2.3 dollars.

ANSWER: $2.3

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