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QUICK Your bank offers 6 percent annual interest, compounded monthly. If you start with $500 in your account, how much will you have after 3 months?

QUICK Your bank offers 6 percent annual interest, compounded monthly. If you start with $500 in your account, how much will you have after 3 months?
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5 votes
QUICK

Your bank offers 6 percent annual interest, compounded monthly. If you start with $500 in your account, how much will you have after 3 months?

User Tomer S
by
7.9k points

1 Answer

2 votes

Answer:$590

Explanation:

500*6%=30

30*3=90

500+90=590

User Norrin Rad
by
8.4k points
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