At an annual interest rate of 12%, compounded monthly, the monthly interest rate is $12/12=1% or 0.01.
After the first month, the amount of money in the account is 70+0.01(70)=70+0.7=<<70+0.7=70.70>>70.70 dollars
After the second month, the amount of money in the account is 70.70+0.01(70.70)=70.70+0.707=<<70.70+0.707=71.41>>71.41 dollars. Answer: \boxed{71.41}.
When $70 is invested monthly with an annual compound interest rate of 12% interest, compounded monthly, what is the total amount of the investment at the end of the second month? Round the answer to two decimal places as needed.
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