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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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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?

User Bjoernwibben
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1 Answer

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$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.
User Jay Dangar
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