Question

Explain how to solve this problem:

Answer 1

"every dollar" means P = 1

compounded monthly interest means 12

1(1+(.129/12)^(12(1)) =

in calculator do pemdas

1. .129/12 = 0.01075

2. 0.01075 + 1 = 1.01075

3. (1.01075)^12 = 1.136907156 =

answer = 1.14

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