Questions: Savings Account: 2,100 is deposited in a savings account that pays 4% annually. How much interest is earned at the end of 30 days? The account earns after 30 days. Note: Round to the nearest dollar

Savings Account: 2,100 is deposited in a savings account that pays 4% annually. How much interest is earned at the end of 30 days? The account earns after 30 days. Note: Round to the nearest dollar
Transcript text: Savings Account: $\$ 2,100$ is deposited in a savings account that pays $4 \%$ annually. How much interest is earned at the end of 30 days? The account earns \$ $\square$ after 30 days. Note: Round to the nearest dollar
failed

Solution

failed
failed

Solution Steps

To calculate the interest earned in 30 days, we need to determine the daily interest rate from the annual rate and then apply it to the principal amount for 30 days. The annual interest rate is 4%, so the daily interest rate is the annual rate divided by 365. Multiply this daily rate by the principal amount and the number of days (30) to find the interest earned.

Step 1: Calculate the Daily Interest Rate

The annual interest rate is given as \( 4\% \), which can be expressed as a decimal: \[ \text{annual rate} = 0.04 \] To find the daily interest rate, we divide the annual rate by the number of days in a year (365): \[ \text{daily rate} = \frac{0.04}{365} \approx 0.0001096 \]

Step 2: Calculate the Interest Earned in 30 Days

The principal amount deposited in the savings account is \( \$2100 \). The interest earned over 30 days can be calculated using the formula: \[ \text{interest earned} = \text{principal} \times \text{daily rate} \times \text{days} \] Substituting the known values: \[ \text{interest earned} = 2100 \times 0.0001096 \times 30 \approx 6.9041 \]

Step 3: Round the Interest Earned

Rounding the interest earned to the nearest dollar gives: \[ \text{interest earned rounded} = 7 \]

Final Answer

The account earns \\(\boxed{7}\\) after 30 days.

Was this solution helpful?
failed
Unhelpful
failed
Helpful

Questions asked by other users

failedAnswered
Which of the following pairs of angles are corresponding angles? angle 7 and angle 3 angle 1 and angle 3 Two of these angle 8 and angle 5
failedAnswered
Use the Empirical Rule. The mean speed of a sample of vehicles along a stretch of highway is 64 miles per hour with a standard deviation of 3 miles per hour. Estimate the percent of vehicles whose speeds are between 61 and 67 miles per hour. (Assume the data set has a normal distribution.) Approximately % of vehicles travel between 61 miles per hour and 67 miles per hour.
failedAnswered
Question 38 2 pts The Policy Deployment "wheel" depicts the cascading of communication. Moving from one level to the next around the perimeter, it is important to "play catch" between hand-offs to ensure adequate understanding. True False Question 39 2 pts Prevention Costs include all of the following except: Training Education Calibration Inspection
failedAnswered
[1 3 7 4; 0 5 9 6; 0 0 2 8; 0 0 0 10] is the matrix invertible
failedAnswered
Find (a, b, c), and (d) so that (left[beginarrayll1 -2 3 -1endarrayright]left[beginarraylla b c dendarrayright]=left[beginarrayrr1 -5 8 5endarrayright]) Select the correct choice and, if necessary, fill in the answer box within your choice. A. (left[beginarraylla b c dendarrayright]=) (Simplify your answer.) B. There is no solution.