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

Answer:

P(1+$\frac{r}{100}$)ⁿ

600(1+$\frac{5}{100}$)¹

600(1+0.05)¹

600(1.05)

630

Note:

P= participle

R= rate

N= years