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avatar+168 

 Annual interest rate of 10 per cent applied monthly (each month, balance goes up by 10/12 percent). By how much does your balance increase each year?

 

Steps appreciated, thanks.

 Nov 28, 2021
 #1
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(1+ .10/12)12 = 1.104713         Your balance will go up by   'balance'  *  .104713

 

Your new balance at the end of a year will be         ' original balance'   *   1.104713

 Nov 28, 2021
 #2
avatar+168 
0

Awesome thanks, I had trouble typing it into the calculator, but that notation works.

HoldMyBeer  Nov 28, 2021

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