To attract new customers, EP Employees Credit Union advertised that they will begin paying 3% interest every quarter on all savings accounts. (Their competitors pay interest every 6 months.) The credit union uses March 31st, June 30th, September 30th, and December 31st as quarterly interest periods. Determine (a) the end-of period totals in the account, and (b) the interest paid each quarter on the total. Assume there are no withdrawals and that quarterly interest is not redeposited. Month
What will be an ideal response?
End-of-period amount for March: 50 + 70 = $120; Interest = 120*0.03 = $3.60
End-of-period amount for June: 120 + 120 + 20 = $260; Interest = 260*0.03 = $7.80
End-of-period amount for September: 260 + 150 + 90 = $500; Interest = $15.00
End-of-period amount for Dec: 500 + 40 + 110 = $650; Interest = $19.50
You might also like to view...
Which of the following have voltage and amperage ratings that should always be checked?
a. manually operated switch b. system operated switch c. neither a nor b d. both a and b
Technician A and B are having a discussion about generic service manuals. Technician A says that generic manuals deal with mechanical repairs, like engines and transmissions. Technician B says that they are devoted to the areas of fuel, emissions, engine performance, and air conditioning. Who is correct?
A. A only B. B only C. Both A and B D. Neither A nor B
To meet IRC requirements, the maximum sill height above the floor of an egress window is _____
a. 36? b. 40? c. 44? d. 48?
The current through a 2-H inductor is plotted in Figure P4.21. Plot the inductor voltage vL (t).