Asked by H

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)
Answered by Ms. Sue
Right!

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

And you're very welcome.
Answered by Damon
I bet it is a typo and they intended "compounded monthly" at (5.25/12) percent per month.
Answered by chya
1263$
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