Sanchez placed $11114 into a five-year interest payout GIC at 4.2% compounded monthly. Calculate the interest payout amount every month.Select one:a. noneb. 388.99c. 38.90d. 594.60

P= $11114 Rate of Interest per month (r) = 4.2% / 12 months =0.32%

Answered: Sanchez placed $11114 into a five-year…

FINANCIAL ACCOUNTING

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Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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Sanchez placed $11114 into a five-year interest payout GIC at 4.2% compounded monthly. Calculate the interest payout amount every month. Select one: a. none b. 388.99 c. 38.90 O d. 594.60