Question
Fill in the following chart by calculating interest compounded monthly. The principal is added to the monthly deposits to compute interest for the month. Assume
Fill in the following chart by calculating interest compounded monthly. The principal is added to the monthly deposits to compute interest for the month. Assume that all deposits are made on the first day of each month and are entitled to interest for the entire month. Be sure to use one month's interest rate (divide the total annual percentage yield [APY] by 12). The APY is 6 percent.
| Month | Beginning Balance | Deposit | Total | 6% Interest | Ending Balance |
| 1 | $0.00 | $50.00 | $50.00 | ||
| 2 | $50.00 | ||||
| 3 | $50.00 | ||||
| 4 | $50.00 | 1.01 | |||
| 5 | $50.00 | ||||
| 6 | $50.00 | $305.29 | |||
| 7 | $50.00 | ||||
| 8 | $50.00 | ||||
| 9 | $50.00 | $459.11 | |||
| 10 | $50.00 | ||||
| 11 | $50.00 | ||||
| 12 | $50.00 | $619.87 |
Total interest earned during the year $19.87
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Sustainable Finance And Impact Investing
Authors: Alan S. Gutterman
1st Edition
1637423764, 978-1637423769
