Question

SHOW WORK PLEASEEE 18 POINTS

How much interest does $1 ,000,000 earn in one year at 6.3% interest, compounded every month

Answer 1

Answer:1,587,301.587 final

48,941 per month

Answer 2

interest rate=6.3%

amount of money =1000000

Total interest

paid per month

`amount \: of \: money * (interest \: rate)/(100)`

= $63,000

per year = $756,000