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by sanju09 » Thu May 06, 2010 5:31 am
On July 1, 1982, Ms. Fox deposited $10,000 in a new account at the annual interest rate of 12 percent compounded monthly. If no additional deposits or withdrawals were made and if interest was credited on the last day of each month, what was the amount of money in the account on September 1, 1982?
(A) $10,200
(B) $10,201
(C) $11,100
(D) $12,100
(E) $12,201
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by liferocks » Thu May 06, 2010 6:04 am
rate is 12/12=1% compounded monthly

hence money on August 1 is $10100
and money on Sep 1 is $10201

Ans option B
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by clock60 » Thu May 06, 2010 11:28 am
agree with B
10000(1+12/(100*12))^2=10201
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