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Lê Quốc Trần Anh Coordinator

15/11/2017 at 17:00
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Beginning January 1st, Marte will put $100 in her savings account at the start of every month. The bank pays 4.8% annual interest compounded monthly (0.4% each month) at the end of each month. Assume the bank rounds the interest amount to the nearest cent. How much money will Marte have in her account at the end of the year? Express your answer to the nearest cent. 



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    Dao Trong Luan Coordinator 15/11/2017 at 17:56

    The interest rate that Marte receives after one year is:

    $100 . 4,8% = $4,8

    The sum of money that Marte receives after one year is:

    $100 + $4,8 = $104,8 = 10480 cents



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