Explanation:
The correct answer is C.
Using the APY formula, we proceed as follows:
Average account balance
\frac{(\`3,000 \times 100 \text{ days}) + (\2`,500 \times 100 \text{ days}) + (\`1,000 \times 165 \text{ days})}{365 \text{ days}} = \
4.0\% = 100 \left[ (1 + \frac{\text{Interest}}{\$1`,959})^{\frac{365}{365}} - 1 \right]
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Q.4093 A hypothetical Bank of India quotes an APY of 4.0% on a one-year money market Certificate of Deposit sold to one of the businesses in town. The firm posted a balance of $3,000 for the first 100 days of the year, $2,500 over the next 100 days, and $1,000 for the remainder of the year. How much in total interest earnings did this business customer receive for the year?
A
56.7
B
60.54
C
78.36
D
80.46
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