In a financial institution, transactions are processed based on the next business day policy, which impacts interest calculations. Suppose a customer deposits $10,000 into their savings account on a Friday. If the account earns a daily interest rate of 0.02%, compounded daily, how much interest will accrue by the next business day, assuming it falls on a Monday?
A. $0.20
B. $0.40
C. $0.60
D. $0.80

Question

12-07-2024
Mathematics

Answered

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In a financial institution, transactions are processed based on the next business day policy, which impacts interest calculations. Suppose a customer deposits $10,000 into their savings account on a Friday. If the account earns a daily interest rate of 0.02%, compounded daily, how much interest will accrue by the next business day, assuming it falls on a Monday?
A. $0.20
B. $0.40
C. $0.60
D. $0.80

Sagot :

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