## A savings account earns 7.2 (APR) compounded monthly, so it earns 0.6% each month. Cooper has $1500 in the account now. if he deposits an ad

Question

A savings account earns 7.2 (APR) compounded monthly, so it earns 0.6% each month. Cooper has $1500 in the account now. if he deposits an additional $500 at the beginning of the month, how much total interest will Cooper receive at the end of the month?

A.$12.00.

B.$15.60.

C.$14.40.

D.$12.60.

please help

## Answers ( No )

Answer-Cooper will receive$12.00at the end of the month.Solution-Cooper has $1500 in the account now and he deposits an additional $500 at the beginning of the month.

So the

total principalbecomes 1500+500= $2000Given here,

APR = annual percentage rate = 7.2%

But as we have to calculate the monthly interest, so monthly interest rate would be

Time period = 1 month

So, the interest after 1 month will be,

Therefore, Cooper will receive $12.00 at the end of the month.

Answer:12 dollars is correct

Step-by-step explanation: