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FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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PLEASE ANSWER THIS USING YOUR OWN ANSWERS. DO NOT COPY ON INTERNET. IF YOU SEE THIS QUESTION AGAIN, DO NOT ANSWER. IF YOU ANSWER THIS IN TYPEWRITTEN, COMPLETE, CORRECT, AND IN ORIGINAL WAY, I WILL UPVOTE. THANK YOU!

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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