Question

Charlie deposits $250 on the last day of each month into an account that earns 6% annual interest compounded monthly. Complete the table to show an exponential expression in the form ab^t that shows how much each $250 deposit is worth at the end of 12 months.​

Answer 1

Answer:

A=$265.42

Step-by-step explanation:

The formula to apply here is;

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

where;

A=amount at the end

P=principal amount=$250

r=rate of interest=0.06%

n=number of compounding per year=12

t=total number of years=1

$A=250(1+\frac{0.06}{12} )^{12*1} \\\\A=250(1.005)^{12}\\ \\\\A=265.42$