Question

Roland earned $1,500 last summer. If he deposited the money in a certifi-
cate of deposit that earns 4% Interest compounded monthly, how much
money will he have next summer?

Answer 1

Answer:

1561.11 dollars.

Explanation: A = 100 (1 plus .03 over 4) 4.3 A = 100 (1.0075) 12