3 years ago

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:

amm18123 years ago

4 0

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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