You have $500 invested in a bank account earning 6.4% compounded monthly, earning $\frac{6.4}{12} \%$
interest each month.How much interest do you earn the first year? Round to the nearest cent.

Question

You have $500 invested in a bank account earning 6.4% compounded monthly, earning $\frac{6.4}{12} \%$
 interest each month.How much interest do you earn the first year? Round to the nearest cent.

Quizplus · Accepted Answer

The Answer of You have $500 invested in a bank account earning 6.4% compounded monthly, earning $\frac{6.4}{12} \%$
 interest each month.How much interest do you earn the first year? Round to the nearest cent.

You Have $500 Invested in a Bank Account Earning 6 6.412%\frac{6.4}{12} \%126.4​%

You Have $500 Invested in a Bank Account Earning 6 $\frac{6.4}{12} \%$