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The bank offers your deposit of 10000$ at 12% stated interest rate compounded monthly. Determine the rate of interest you can earn in a year

The bank offers your deposit of 10000$ at 12% stated interest rate compounded monthly. Determine the rate of interest you can earn in a year
asked 166k views
3 votes
The bank offers your deposit of 10000$ at 12% stated interest rate compounded monthly. Determine the rate of interest you can earn in a year

asked
User Cschorn
by
9.0k points

1 Answer

6 votes

Answer:

$1200.00

Step-by-step explanation:

S.I = PRT

S.I = 10000×12/100×1

S.I = 1200

answered
User Adam Sills
by
7.7k points
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