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how do you solve compound interest monthly. T the time the. If the same investment involved annual compounding then one would refer to the 12 column and 2-period row.
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However your bank has two different plans. Gather variables the compound interest formula. I would choose option 1.
T 79 Finish solving the problem by dividing each side by 12 and round your final answer. A P 1 rnnt The compound interest formula solves for the future value of your investment A. 12 monthly 4 quarterly 2 semi-annually 1 annually. For monthly compounding the periodic interest rate is simply the annual rate divided by 12 because there are 12 months or periods during the year.
