Question

Kaitlin received a $2100 bonus. she decided to invest in a 2 year certificate of deposit with an annual interest rate of 1.13% compounded monthly.

Assuming no withdrawals are made, how much money is in kaitlins account after 2 years?

How much interest is earned on kaitlins investment after 2 years?

Answer 1

interest rate is .000951667 and total interest gained is 47.98 and total money in the bank account is 2147.98

Explanation:

you have to find the interest rate then multiply it by 1 year then put it to the power of 24. 24 because you have 34 months in 2 years