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FINANCE Find the amount of compound interest (to the nearest cent) if $400 is invested for 3 months at 1% per month, compounded monthly Please show full working out ty ;)

FINANCE Find the amount of compound interest (to the nearest cent) if $400 is invested for 3 months at 1% per month, compounded monthly Please show full working out ty ;)
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FINANCE

Find the amount of compound interest (to the nearest cent) if $400 is invested for 3 months at 1% per month, compounded monthly

Please show full working out ty ;)

asked
User Athanassis
by
9.2k points

1 Answer

4 votes

Answer:12.12

Explanation:

100%+1%=101%/100=1.01

400 x (1.01)^3=412.12

412.12-400=12.12

answered
User Wlingke
by
7.8k points
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