Question

Angie is saving $15 every 4 weeks in her college fund. If the bank pays 5% interest compounded monthly, how much interest will Angie have earned after 6 months?

Answer 1

$127.23

Step-by-step explanation:

Assuming that we only have 4 weeks in each month since we were not given the name of the months:

If there are $15 each month there will be $90.00 saved from her own pocket by the end of 6 month. If the interest is a compound interest then an additional 5% will be added to the sum of her savings each month.

This will grow a 5% increase on her total savings and will amount to $127.23 at the end of the 6 months.