Let's calculate the total amount of the investment at the end of the second month.
First, let's calculate the interest earned in the first month. The interest rate is 12% annually, compounded monthly, so the monthly interest rate is 0.12/12 = 0.01
The interest earned in the first month is 0.01*70 = $<<0.01*70=0.70>>0.70
The total amount of the investment at the end of the first month is 70+0.70 = $<<70+0.70=70.70>>70.70
Now, let's calculate the interest earned in the second month using the total amount at the end of the first month.
The interest earned in the second month is 0.01*70.70 = $<<0.01*70.70=0.71>>0.71
So, the total amount of the investment at the end of the second month is 70.70+0.71 = $<<70.70+0.71=71.41>>71.41. 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.(1 point)
The total amount of the investment at the end of the second month is $
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1 answer