Question

Perry puts $100.00 into an account to use for school expenses. The account earns 12%
interest, compounded monthly. How much will be in the account after 10 years?

Answer 1

$A = P(1 + \frac{r}{n} )^{nt}\\A = 100(1 + \frac{.12}{12} )^{12(10)}\\\A = 100(1 + .01)^{120}\\\A =330.04$

Therefore the account will have $330.04 (Rounded to the nearest cent) in 10 years at 12% interest compounded monthly.

I hope I've helped! :)