FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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6. Consider a bank account with the following transactions for the month of June 2021:
No. of Days
Balance is
Balance
June Deposit Withdraw for the Day
Unchanged
1
20,000
*
20,000
14
16,500
*
*
10,500
*
21
*
11,000
*
30
*
16,500
4,000
a. Supply the correct data in the boxes marked with *
b. What is the average daily balance for this account for the month of June?
c. If a bank advertises an interest rate of 1.5% per year compounded monthly, what is the total interest
earned for this month?
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Transcribed Image Text:6. Consider a bank account with the following transactions for the month of June 2021: No. of Days Balance is Balance June Deposit Withdraw for the Day Unchanged 1 20,000 * 20,000 14 16,500 * * 10,500 * 21 * 11,000 * 30 * 16,500 4,000 a. Supply the correct data in the boxes marked with * b. What is the average daily balance for this account for the month of June? c. If a bank advertises an interest rate of 1.5% per year compounded monthly, what is the total interest earned for this month?
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