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On July
1st:
You put in another
$100.
On the last day of
July:
They compute your
interest...
On August
1st:
You put in another
$100.
On the last day of
August:
They compute your
interest...
On September
1st:
You put in another
$100.
On the last day of
September:
They compute your
interest...
On October
1st:
You put in another
$100.
On the last day of
October: Interest
On November
1st:
Another $100
On the last day of
November: Interest
On December
1st:
Another $100
On the last day of
December: Interest
So, if you invest
$100
at the beginning of each month at
12%
compounded monthly, at the end of the year, you'll have
$1280.93.
Your total interest
earned is $80.93.
Continued on the
next
page
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