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11. On December 18 of a leap year, Stacy opened a savings account by depositing
$6,000. The account pays 1.45% interest, compounded daily. On December 19
she deposited $500, and on December 20 she withdrew $2,500. Find the missing
amounts in the table. Round to the nearest cent. What is her opening balance
on December 21?

11 On December 18 of a leap year Stacy opened a savings account by depositing 6000 The account pays 145 interest compounded daily On December 19 she deposited 5 class=

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As of December 21, the account's opening balance will be $ 4,000.66.

To find the missing amounts in the table and determine what is her opening balance on December 21, the following calculations must be performed:

The interest rate must be divided by the number of days in the year.

0.0145 / 366 = 0.00003961748

December 18 =

  • Opening balance = 0
  • Deposit = 6,000
  • Withdrawal = 0
  • Principal used to compute interest = 6,000
  • Day's interest rounded to the nearest cent = 0.24 ((6,000 x 0.00003961748) - 6,000)
  • Ending balance = 6000.24

December 19 =

  • Opening balance = 6000.24
  • Deposit = 500
  • Withdrawal = 0
  • Principal used to compute interest = 6,500.24
  • Day's interest rounded to the nearest cent = 0.26 ((6,500.24 x 0.00003961748) - 6,500.24)
  • Ending balance = 6500.50

December 20 =

  • Opening balance = 6500.50
  • Deposit = 0
  • Withdrawal = 2500
  • Principal used to compute interest = 4,000.50
  • Day's interest rounded to the nearest cent = 0.16 ((4,000.50 x 0.00003961748) - 4,000.50)
  • Ending balance = 4000.66

Therefore, as of December 21, the account's opening balance will be $ 4,000.66.

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