Question

The APR of Caesar's savings account is 3.6% and interest is compounded monthly the principal and Cesar savings account with $6,600 for an entire year what will be the balance of his account after the interest is paid for the year

Answer 1

6841 apex approved

Explanation:

Answer 2

$6841.56

Explanation:

formula for compound interest is

`A = P (1+(r)/(n))^(n*t)`

P is the initial amount= 6600

r is the rate of interest = 0.036

t is the number of years = 1

n = compounded monthly = 12

plug in the values in the formula

`A = 6600(1+(0.036)/(12))^(12*1)`

`A = 6600(1.003)^(12*1)`

A= 6841.55986990

$6841.56 is the balance of his account after the interest is paid for the year