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Topic: Calculating Monthly Interest Payment
Replies: 6   Last Post: Feb 26, 2013 10:57 AM

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Posts: 2
Registered: 12/13/04
Calculating Monthly Interest Payment
Posted: Aug 9, 2002 8:03 PM
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This question is from a math textbook:

When Jason Levy was born, his grandparents deposited $3000 into a
special account for Jason's college education. The account earned
6.5% interest compounded daily. If, on becoming 18, Jason arranged
for the monthly interest to be sent to him, how much would he receive
each 30-day month?

In the text, the answer is $51.77 . How is this possible? What is
the proper method in solving this problem???




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