Question

Venus Waldo reviewed her account statement and wanted to verify that the interest amount was correct. Her new balance was $12,098.12 and her previous balance was $9,043.20. She had deposited $3,298.45 and withdrawn $300.00. Find the interest earned on Venus' savings account.

Answer 1

The interest on the savings account is $46.47

Explanation:

Here, we want to know the interest earned on the savings account.

The difference between the new and previous balance will be; 12,098.12 - 9,053.20 = $3,044.92

The difference between amount deposited and amount withdrawn is 3,298.45 - 300 = 2,998.45

This is the amount that is supposed to be on the account without interest

So the interest earned would be; 3044.92 - 2,998.45 = $46.47