Question

- Joan has a savings account with Wells Fargo Bank. If herbeginning balance was $2,300.45 and she withdrew $45.23and deposited $567.21 in March, how much interest did shereceive if her ending balance on March 31" was $2,885.71?

Answer 1

To find out how much interest Joana earns, we must determine the final balance of her account after the withdrawals and deposits she made

We subtract the withdrawal and add the deposit.

`2300.45-45.23+567.21=2822.43`

Joan has $2822.43 interest-free

Now we must subtract the non-interest-bearing balance from the interest-bearing balance to find out how much interest Joan earned

`2885.71-2822.43=63.28`

In conclusion, Joan earns $63.28 in interest