Question

daniel has a money market account with $1200.the bank offered him a special rate of 5.25%per month.how much money will he have after the first month? $1263 right (thank you so much)

Answer 1

Right!

Wow! That's a great rate of interest. Usually interest is figured annually, not monthly!

And you're very welcome.

Answer 2

I bet it is a typo and they intended "compounded monthly" at (5.25/12) percent per month.

Answer 3

1263$