A depositor places $5,000 in a credit union deposit account for a full year but then withdraws $1,000 after 270 days. At the end of the year, the credit union pays her $300 in interest. What is this depositor's daily average balance and APY?© BrainMass Inc. brainmass.com June 4, 2020, 1:03 am ad1c9bdddf
$5000 remains deposited for 270 days, Total of daily balance for 270 days=5000*270=$1,350,000
The solution describes the steps to calculate average daily balance and APY.