Steven recently won $1 in the scratch-n-play lotto. His banker,
1 answer:
Answer:
101.00
Step-by-step explanation:
Given:
P=principal=$1
r=rate=1%=0.01
n=number of periods=12
t=time=1
Compound Interest (A)=P(1+r/n)^nt
=$1(1+0.01/12)^12×1
=$1(1+0.00083)^12
=$1(1.00083)^12
=$1(1.0100055)
=$1.0100055
Approximately
101.00
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