Answer:
Balance on balance on July 1 is $31490.67
Explanation:
given data
deposited P = $27,000
time = April 2 to May 12 = 40 days
rate = 4 % = 0.04
solution
we get here first compound amount that is express as
amount = P × [tex](1+\frac{r}{n})^{nt}[/tex] ...................1
put her value
amount = 27000 × [tex](1+\frac{0.04}{365})^{(365\times \frac{40}{365})}[/tex]
amount = $27118.60
and
now we add here $4,200 in $27118.60 that will be
new principal P = $31318.60
and time t = 12 may to July 1 = 50 days
we get here amount that is put value in equation 1 we get
amount = $31318.60 × [tex](1+\frac{0.04}{365})^{(365\times \frac{50}{365})}[/tex]
solve it we get
amount = $31490.67
so that balance on balance on July 1 is $31490.67
