Suppose you invest $3100 in an account with an annual interest rate $12% compounded monthly
(1% each month).
Use this information to complete the table below. Round to the nearest cent as needed.
Month Starting Balance
1
2
3 $
4
5
$
$3100
$3131
$3193.93
Calculator
1% Interest
on Starting Balance
$31
$
SA
$
$32.26
SA
S
Ending Balance
$3131
$3193.93