Laura deposits $3,000 in an account that has an annual interest rate of 3.96%, compounded monthly. How much interest will she earn at the end of 1 month? show work
so we know that 3.96% is yearly. if it is compounded monthly. We have to split 3.96% into 12 months. This makes 0.33% per month. Now we just need to do 100.33% of 3000 to get 3009.9. Hope this helped :)
