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Fabiana says: Darius could earn more money if he puts the $400 into an account that earns 6% annual interest (1 time per year). Is fabiana correct? Explain your thinking

Respuesta :

Answer:

Step-by-step explanation:

We use the compound interest formula A(n) = P(1 + i)^n. Here i = r/m = 0.12/12, and n = 6 as each month is one period. So A(6) = 1000(1 + 0.12/12)^6 = 1061.52. So after six months there will be $1061.52 in the account.

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