Unit Test
2 answers:
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<u>Answer-</u>
<em>Cooper will receive </em><em>$12.00</em><em> at the end of the month.</em>
<u>Solution-</u>
Cooper has $1500 in the account now and he deposits an additional $500 at the beginning of the month.
So the total principal becomes 1500+500 = $2000
Given here,
APR = annual percentage rate = 7.2%
But as we have to calculate the monthly interest, so monthly interest rate would be
Time period = 1 month
So, the interest after 1 month will be,
Therefore, Cooper will receive $12.00 at the end of the month.