Question

The APR of Caesar's savings account is 3.6% and interest is compounded monthly the principal and Cesar savings account with $6,600 for an entire year what will be the balance of his account after the interest is paid for the year

Answer 1

Answer:

6841 apex approved

Step-by-step explanation:

Answer 2

Answer:

$6841.56

Step-by-step explanation:

formula for compound interest is

$A = P (1+\frac{r}{n})^{n*t}$

P is the initial amount= 6600

r is the rate of interest = 0.036

t is the number of years = 1

n = compounded monthly = 12

plug in the values in the formula

$A = 6600(1+\frac{0.036}{12})^{12*1}$

$A = 6600(1.003)^{12*1}$

A= 6841.55986990

$6841.56 is the balance of his account after the interest is paid for the year