CPM Homework Banner
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