Question

$765.13 is deposited at the end of each month for 2 years in an account paying 12% interest compounded monthly. Find the amount of the account. Round your answer to the nearest cent.

Answer 1

The amount of the account after two years can be calculated using the formula:
F=A((1+i)^n-1)/i
where 
F=future value to be calculated
A=amount added per period = 765.13
n=number of periods=2*12=24 months
i=interest per period (month) = 0.12/12=0.01

Therefore 
F=765.13(1.01^24-1)/0.01
=20638.21

Answer 2

The final amount is = $ 959.779

What is compound interest?

Compound interest is when you earn a hobby on both the cash we've got stored and the hobby we earn.

calculation:-

principal amount = $765.13

rate if interest = 12%

for 1st year:-

interest amount= $765.13*12/100

                            = $ 91.8156

final amount = $765.13 + $ 91.8156

                     = $ 856.9456

for 2nd year:-

principal amount = $ 856.9456

       12% interest on $ 856.9456 = $ 102.833472

final amount = $ 856.9456+$ 102.833472

                      = $ 959.779 answer

                   

Learn more about compound interest here:-https://brainly.com/question/24924853

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