Daniel has 120 dollars in the bank. He is earning 3.5% compound interest each month. How much money will he have in the bank in
one year?
2 answers:
Answer:
$124.27
Step-by-step explanation:
A = Principal(1 + r/n)^nt
r = interest rate
n = # times compounded
t = # years
A = 120 (1 + .035/12)^12(1)
A = 120(1 + .0029)^12
A = 120(1.0029)^12
A = 120 x 1.0353
A = 124.27
Answer:
$1813.28
Step-by-step explanation:
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