MATLAB: An Introduction with Applications
6th Edition
ISBN: 9781119256830
Author: Amos Gilat
Publisher: John Wiley & Sons Inc
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Suppose you invest $3,100.00 in an account with an annual interest rate 12% compounded monthly (1% each month).
Use this information to complete the table below. Round to the nearest cent as needed.
Month | Starting Balance | 1% Interest on Starting Balance |
Ending Balance |
1 | $3,100.00 | $31.00 | $3,131.00 |
2 | $3,131.00 | ||
3 | $3,193.93 | ||
4 | $3,193.93 | ||
5 | $32.26 |
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