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???