### Home > ACC7 > Chapter cc38 > Lesson cc38.1.3 > Problem 8-35

8-35.

Daniel has $1200 in the bank. He is earning 3.5% compound interest each month. How much money will he have in the bank in one year? Is this example of linear or non-linear growth? Homework Help ✎

where: *A* = total amount including previous interest earned*P* = principal*r* = interest rate for each compounding period*n* = number of time periods

*A* = 1200(1 + 0.035)^{12}