I have $789 in the bank and make 1% interest a month. How much money do I have at the end of 6 month

Discussion in 'Calculator Requests' started by math_celebrity, May 27, 2021.

  1. math_celebrity

    math_celebrity Administrator Staff Member

    I have $789 in the bank and make 1% interest a month. How much money do I have at the end of 6 months?

    Our balance is found using our compound interest formula:
    New Balance = Starting Balance * (1 + i/100)^t

    With I = 1% and t = 6, we have:
    New Balance = 789 * (1 + 1/100)^6
    New Balance = 789 * (1.01)^6
    New Balance = 789 * 1.0615201506
    New Balance = 837.54
     

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