Asked by Edna
                A customer of Central States Bank places $3,500 in a savings plus account for 9 months.  The interest is 4.5%.  What total amount is in the account at the end of this time?
            
            
        Answers
                    Answered by
            Steve
            
    if simple interest, 3500*.045*9/12 = 118.13
if compounded monthly, 3500(1+.045/12)^9-3500 = 119.91
    
if compounded monthly, 3500(1+.045/12)^9-3500 = 119.91
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