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Jesse deposited $3600 and a new regular savings account earns 6% interest compounded monthly. How much is in the account after one year?
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4 votes
Jesse deposited $3600 and a new regular savings account earns 6% interest compounded monthly. How much is in the account after one year?

User Glenn Sayers
by
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2 Answers

4 votes
3,600 deposit
6% interest per month
1 year = 12 months
3, 600 * .06 = 216 ( one month)
216 * 12 = 2,592
3,600 + 2592 = 6,192 (after one year)
User MohanRaj S
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8.3k points
5 votes

Answer:

3816

Explanation:

User Ssokolow
by
7.9k points
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