Question

The balance of Aiko's average balance checking account at the beginning of last cycle was $100, and the only transaction for the cycle was a check that Aiko wrote for $50, which cleared exactly halfway through the cycle. On what amount did Aiko's checking account pay interest last cycle?

Answer 1

It's $75 dollars hope i helped you

Answer 2

$75

Explanation:

We are given that The balance of Aiko's average balance checking account at the beginning of last cycle was $100.

The only transaction for the cycle was a check that Aiko wrote for $50, which cleared exactly halfway through the cycle.

Now we assume 30 days per month

So, the balance was 100 for 15 days and 50 for 15 days.

So, average daily balance :
`(100* 15+50* 15)/(30)`

`75`

Hence Aiko's checking account pay interest last cycle is $75.