Asavings account earns 7.2% (apr) interest calculated monthly, paid into the account at the end of 6 months. mauricio deposits $300 into the account at the beginning of the first month. at the end of each month, he deposits an additional $100 into the account. how much interest will mauricio have earned after 6 months?

The answer is $19.80

Step-by-step explanation:

A savings account earns 7.2% (APR)

Monthly interest rate will be =

Mauricio deposits $300 into the account at the beginning of the first month.

So, $300 will be calculated with 0.006 interest.

Interest value becomes =

Interest earned = dollars

At the end of each month, Mauricio deposits an additional $100 into the account. Means he deposits $600 in 6 months.

So, total interest on this will be =

=$618

Now total interest earned will be dollars

Hence, total interest earned in 6 months will be dollars.

because they could drop even lower..