PLEASE HELP!!!! Suppose that you invest $400 in a bank account that has APR of 6% and it is compounded monthly (12 times a year) how much money will you have after 1 month?

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asked Jul 1, 2020 110k views

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Jay Dangar · Answer 1 · 2020-07-06T21:12:13+0000

$424. The equation would be
y= 400(1+.06)^1
The 400 is your starting amount. The .06 is 6%, the APR (appreciation rate). The exponent of 1 is for the amount after 1 month.

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PLEASE HELP!!!! Suppose that you invest $400 in a bank account that has APR of 6% and it is compounded monthly (12 times a year) how much money will you have after 1 month?

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