- What is the total savings plus interest
when $100 is deposited today into an account
that earns 3% compounded monthly for 4 years?

a) 100(1+.03)^{4}

b) 100(1+.03/12)^{4}

c) 100(1+.03/12)^{4*12}

d) 100((1+.03/12)^{4*12})/(.03/12)

e) 100((1+.03/12)^{4*12}-1)/(.03/12)

- What is the interest?

- What is the total savings plus
interest when $100 is deposited into an account
each month for 4 years at 3% compounded monthly?

a) 100(1+.03)^{4}

b) 100(1+.03/12)^{4}

c) 100(1+.03/12)^{4*12}

d) 100((1+.03/12)^{4*12})/(.03/12)

e) 100((1+.03/12)^{4*12}-1)/(.03/12)

- What is the interest?