If to a capital you earn 2% per month, How do you calculate the final amount after 12 months?

If to a capital you earn 2% per month, How do you calculate the final amount after 12 months?

considering the compounding interest of each previous month added to the capital.'=

 

If you let the original amount by P then you will have

 

P(1+0.02)^12 = P*1.02^12 = P*1.26824     approximately

 

So 2 % per month is approximately the same as   26.824% per year