While she was travelling, Zaina took advantage of the convenience of cash withdrawals on her credit card since her Canadian debit card wasn’t accepted in the country she was in. According to her travel budget she withdrew $125 every day for food, activities and shopping for 21 days. When she got home, on the 21st day, she checked her credit card bill on-line and it showed that she had been charged interest already even though her payment wasn’t past due. It turns out that interest is compounded daily on cash withdrawals, from the day the cash is withdrawn. If the interest rate on cash withdrawals is 28%, what was her total bill when she got home?
*be careful that we are dealing with a portion of year, or 21 days out of 365 and to then calculate t as 21/365
* for this to be annuity due she would have to withdrawal her money at the beginning of each day, or 12:01AM. Chances are she is not walking to the ATM in the middle of the night, but later on in the day at a reasonable hour, so this is actually an ordinary annuity.
* debt is accumulating and we want to know how much she ends up with once her vacation is over, therefore we are searching for the future value (FV)

Question

While she was travelling, Zaina took advantage of the convenience of cash withdrawals on her credit card since her Canadian debit card wasn’t accepted in the country she was in.  According to her travel budget she withdrew $125 every day for food, activities and shopping for 21 days.  When she got home, on the 21st day, she checked her credit card bill on-line and it showed that she had been charged interest already even though her payment wasn’t past due.  It turns out that interest is compounded daily on cash withdrawals, from the day the cash is withdrawn.  If the interest rate on cash withdrawals is 28%, what was her total bill when she got home?
*be careful that we are dealing with a portion of year, or 21 days out of 365 and to then calculate t as 21/365
* for this to be annuity due she would have to withdrawal her money at the beginning of each day, or 12:01AM.  Chances are she is not walking to the ATM in the middle of the night, but later on in the day at a reasonable hour, so this is actually an ordinary annuity.
* debt is accumulating and we want to know how much she ends up with once her vacation is over, therefore we are searching for the future value (FV)

itsme · Answer

alr so uk whut to do?

itsme · Answer

whut r u stuck on? 
nd whut r ur thoughts?