Earl's savings account has an APR of 7.3%, calculates interest daily, and pays interest at the end of the month. If during the month of June, his balance was $400 for the first 10 days of the month, $1500 for the next 10 days of the month, and $600 for the last 10 days of the month, how much total interest did Earl earn in June?

A. $2.30
B. $2.80
C. $5.00
D. $3.00
@StudyHardPartyHarder

Question

Earl's savings account has an APR of 7.3%, calculates interest daily, and pays interest at the end of the month. If during the month of June, his balance was $400 for the first 10 days of the month, $1500 for the next 10 days of the month, and $600 for the last 10 days of the month, how much total interest did Earl earn in June?

 		A.	$2.30
 		B.	$2.80
 		C.	$5.00
 		D.	$3.00
@StudyHardPartyHarder

anonymous · Answer

2500(1+.073/365)^10 = 2505

so about 5 bucks.
there is the compound interest formula:
A=P(1+rn)nt