At the end of April, Brad had $7,500 in his daily interest savings account. On the 13^th of May he deposited another $3,500. He made no other deposits or withdrawals in May. The interest rate throughout May was 3.7%. How much interest did Brad earn on this savings account in May? A) $16.83 B) $30.31 C) $21.99 D) $39.52 E) $46.17

Question

Quizplus · Accepted Answer

Brad earns interest on $7,500 for the entire month and on $3,500 for 18 days (from May 13 to May 31). The interest for the month is calculated as follows:  Interest on $7,500 for 31 days = $7,500 * (3.7/100) * (31/365)  Interest on $3,500 for 18 days = $3,500 * (3.7/100) * (18/365)  Adding both gives the total interest earned in May.

At the End of April, Brad Had $7,500 in His