Question

if you deposit $300 into a savings account that earns 7.2% compounded monthly. and plan to keep the money in the account for 6 months and depositing an additional $100 each month. at the end of 6 months how much interest will you have earned?

Answer 1

do you deposit the 100 in the first month along with the 300? or starting in the second month?

Answer 2

IM GESSING THE SECOND MONTH

Answer 3

hen you calculate the total you have at the end, you get 1074.24. then you need to subtract 300 because that's what you started with, and also 500 because that was the amount you deposited yourself each month leaving you with 274.24 as interest