Question 6
Aspire Wealth Group, a premier financial services provider in Ontario, offers an investment savings account with tiered interest rates based on the daily account closing balance.
Portion of Balance
Interest rate (%)
$0 – $1,000
0.6%
$1,001 – $2,500
1.2%
$2,501 – $5,000
1.7%
$5,001 and above
2.2%
What interest rate will be paid for the month of February if the opening balance was $4,250, $3,000 was withdrawn on the 10th of the month, and $1,200 was deposited on the 20th of the month?