The balance of Chiaki's average balance checking account at the beginning of the last cycle was $100, and the only transaction for the cycle was a check that Chiaki wrote for $20, which cleared exactly halfway through the cycle. On what amount did Chiaki's checking account pay interest last cycle?

Question

Hugh Mccall

Business

16 October, 23:59

The balance of Chiaki's average balance checking account at the beginning of the last cycle was $100, and the only transaction for the cycle was a check that Chiaki wrote for $20, which cleared exactly halfway through the cycle. On what amount did Chiaki's checking account pay interest last cycle?

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Answers (2)

Know the Answer?

Sammy Bridges · Answer 1

Sammy Bridges 17 October, 00:23

0

The correct answer is $90

Claudia Wilcox · Answer 2

She had $100 for the first half through the cycle.

Chiaki wrote a cheque for $20.

Now she had $80 for the second half through the cycle.

Therefore:

Amount = (1/2) * 100 + (1/2) * 80

Amount = 50 + 40

Amount = $90