Travis deposited $100 into a savings account that earns 6% compounded monthly. He plans on keeping the money in the account for

Question

3 years ago

14

Travis deposited $100 into a savings account that earns 6% compounded monthly. He plans on keeping the money in the account for

6 months and depositing an additional $100 each month. at the end of 6 months, how much interest will Travis have earned?

Mathematics

1 answer:

jeyben [28] · Answer 1 · 2021-11-27T14:25:22+03:00

jeyben [28]3 years ago

8 0

Travis will have earned $139.38 in interest.

There is a formula for calculating this problem, but you can solve it without; take 6% and add it back to the total along with the $100 deposited each month.