Lee invests $7500 at 6% per annual compound interest.
At the end of each month, he deposits a further $500 into the account.
(a) What is the monthly interest rate?
(b) How much is in the account after the first month? (Assume the interest is calculated before the new deposit is made)
(c) What is the balance of the account after 3 months?
THANKS! PLEASE INCLUDE DETAILED WORKING OUT!
BEST ANSWER WILL GET 10 POINTS!
At the end of each month, he deposits a further $500 into the account.
(a) What is the monthly interest rate?
(b) How much is in the account after the first month? (Assume the interest is calculated before the new deposit is made)
(c) What is the balance of the account after 3 months?
THANKS! PLEASE INCLUDE DETAILED WORKING OUT!
BEST ANSWER WILL GET 10 POINTS!