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Henry savings account has an APR of 3.65 percent, calculate interest daily, and pays interest at the end of the month. If during the month November, his balance was $300 for the first 10 days of the month, $1200 for the next 10 days of the month and $800 for the last 10 days of the month how much total interest did Henry earn in November

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APR is the annual percentage rate. To get daily percentage rate, we need to divide APR by 365. We have,

daily rate =
3.65/365=0.01 (in percentage). In decimal it is
(0.01)/(100)=0.0001.

To get total interest, we calculate it accordingly:


  • For first 10 days, he gets daily interest of 0.01% on $300:


300*10*0.0001=0.3

  • For next 10 days, he gets daily interest of 0.02% on $1500:


1200*10*0.0001=1.2

  • For the last 10 days, he gets daily interest of 0.02% on $600:


800*10*0.0001=0.8

Henry's total interest is the sum of these three,


0.3+1.2+0.8=2.3 dollars.


ANSWER: $2.3


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