Question
Suppose you put in a savings account at an APR of 6% compounded monthly. Fill in the table below rounding your answers to the nearest cent. (Calculate the interest and compound it by hand each month rather than using the compound interest formula.)
Month Interest Earned Balance
$2000
1 $ $
2 $ $
3 $ $
Month Interest Earned Balance
$2000
1 $ $
2 $ $
3 $ $
Answers
Ms. Sue
Since you've put $0 into the account, you can expect $0 return.