Balance on the account = 1.010050 x 5000 = 5050.25
The constant is the value of the future value factor
(1 + i)^n = (1+2%/360)^180 = 1.01005
1) $289.07 + $75 - $158.23 - $12.89 - $71.27 = $121.68
2) 510*.0425 * 3 / 12 = 542
3)I don't want to spend the time calculating this one... lol
So I am having 3 problems in business Math and I can't seem to solve it. :(
1) The Bank statement sent to Abigail Ochs did not show checks for $158.23, $12.89 and $71.27 and outstanding deposit of 75$ that were listed in the check register. The balance printed on the statement was $289.07. What is the Reconciled bank statement balance?
2) Find the interest that a $510 deposit will earn in 3 months at 4.25% interest.
3) The Daily interest multiplier for savings account paying 2% annual interest for 180 days is 1.010050. What compund amount will be in savings account if $5,000 is on deposit in the savings account for 180 days?
