Adding Interest to Our Savings Accounts

HOW TO FIGURE SAVINGS
INTEREST FOR THE LCHS BANK!

Current balance multiplied by 3.5% (.035)
Divide that answer by 365 days
Multiply by number of days in the month in which the customer was active

Examples:

$10 x .035 = .35
.35/365 = .0009589
.0009589 x 11 days = .010


$50 x .035 = 1.75
1.75/365 = .0047945
.0047945 x 20 = .10

round up if the 3rd digit is 5 or higher

You then write the interest on the card and add it to the balance.
This should be done the first day of the month or as close to it as possible.


DAYS IN THE MONTHS:

August - 31
September - 30
October - 31
November – 30
December – 31
January – 31
February – 28
March – 31
April – 30
May - 31
June - 30
July - 31

Bank Theme

What theme should we use this year?

Market Economy?

We have been studying economic systems and how the US economy may be defined. Post a comment regarding our economy and if it is a true market economy or not. Provide evidence to back yourself up.

First Week

I hope everyone had a good first week of school. This 7 period day will take a little getting used to! :-)
This week we studied wants & needs, goods & services, resources, basic decision making. We'll have a test the beginning of next week - probably Tuesday over Chapter 1.
Have a great weekend!