Calculate the total amount of interest

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Reference no: EM133031874

A Citibank Savings Account posts the following simple interest rate structure. All interest is paid on entire balances, and interest is deposited to the account every quarter.

Balance 

Interest Rate

$0-$2,500.00  

0.05%

$2,500.01-$5,000.00  

0.1%

$5,000.01 and up 

0.75%

On January 1, 2013, the opening balance was $3,300. The following transactions took place during the first quarter (January 1 to March 31):

Deposits 

Withdrawals

January 4 $350 

January 15 $500

January 29 $1,800 

January 19 $1,000

February 7 $2,300 

February 20 $1,300

March 2 $2,400 

March 7 $4,000

March 22 $1,100 

March 25 $2,000

Calculate the total amount of interest that will be deposited to the account on April 1, 2013.

Reference no: EM133031874

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