Question

Suppose you have $600 to invest in a savings plan,Find the balance after one year if you deposit all the money into an account that pays 5% APR with monthly compounding.

Answer 1

P(1+
`(r)/(100)`)ⁿ

600(1+
`(5)/(100)`)¹

600(1+0.05)¹

600(1.05)

630

Note:

P= participle

R= rate

N= years