rabjohnamanda
Answered

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In January, Joanna deposited $250
into her savings account. In
February, she deposited an
additional $100. If her account has
an APR of 6% compounded monthly,
how much interest did Joanna earn
in the first two months?

Sagot :

The interest that Joanna earned in the first two months is $4.26.

What is the interest earned?

Interest earned in the first month = future value - amount deposited.

Future value = amount deposited x (1 + monthly interest)

Monthly interest = 6/12 - 0.5% = $252.50

Interest = $252.50 = 250 = $2.50

Interest earned in the second monthly = future value of the first month + amount deposited x (1.005)

(252.50 + 100) x 1.005 = 354.26

Interest = 354.26 = 352.50 = $1.76

Total interest = $1.76 + $2.50 = $4.26

To learn more about interest, please check: https://brainly.com/question/26164549

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