Question

On May 1, Cleveland opened a savings account that paid 3.5% exact interest at Fulton Savings Bank with a deposit of $5,000. Ten days later he deposited $2,000. Fourteen days later he deposited $8,000. No other deposits or withdrawals were made. Six days later the bank calculated the daily interest.
How much simple interest did his money earn?
How much was in the account at the end of 30 days?

Answer 1

is that 3.5% daily?

Answer 2

Yes.

Answer 3

i believe its 10000(1.035)^6

Answer 4

I am in need of further explanation