Travis deposited $100 into a savings account that earns 6% compounded monthly. He plans on keeping the money in the account for 6 months and depositing an additional $100 each month. at the end of 6 months, how much interest will Travis have earned?

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Mathematics

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9 February, 00:58

Travis deposited $100 into a savings account that earns 6% compounded monthly. He plans on keeping the money in the account for 6 months and depositing an additional $100 each month. at the end of 6 months, how much interest will Travis have earned?

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Sheldon Sparks · Answer 1

Travis will have earned $139.38 in interest.

There is a formula for calculating this problem, but you can solve it without; take 6% and add it back to the total along with the $100 deposited each month.