Joan invests $800 at 12 1/2% per annum compound interest monthly.What is the amount of interest at the end of the first year?
1 answer:
Answer:
Interest at the end of the first year is $105.93
Step-by-step explanation:
$800 at 12.5% APR compounded monthly.
Interest at the end of the year
= $800 *( (1+0.125/12)^12 - 1 )
= $800 * 0.132416
= $105.93
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