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



S
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Calculating Monthly Interest Payment
Posted:
Aug 9, 2002 8:03 PM


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 30day month?
In the text, the answer is $51.77 . How is this possible? What is the proper method in solving this problem???



