Find the amount of interest credited on february

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Reference no: EM131985110

Since June 30, 2014 Smith has been making deposits of 100 each into a bank account on the last day of each month.

For all of 2014 and 2015 Smith's account earned nominal interest compounded monthly at an annual rate of 9%.

For the first 9 months of 2016 the account earned i⁽¹²⁾ = .105, and since then the account has been earning i⁽¹²⁾ =. 12. Find the balance in the account on each of the following days:

January 1, 2015,

January 1, 2016, and

February 1, 2017

Find the amount of interest credited on February 28, 2017.

Reference no: EM131985110

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