Question

FINANCE

Find the amount of compound interest (to the nearest cent) if $400 is invested for 3 months at 1% per month, compounded monthly

Please show full working out ty ;)

Answer 1

Answer:12.12

Explanation:

100%+1%=101%/100=1.01

400 x (1.01)^3=412.12

412.12-400=12.12