$765.13 is deposited at the end of each month for 2 years in an account paying 12% interest compounded monthly. find the amount of the account. round your answer to the nearest cent.

The amount in the account is $971.51

Step-by-step explanation:

Initial amount deposited was $765.13. This means that the principal is $765.13, so

P = 765.13

It was compounded monthly. This means that it is not compounded yearly, semi annually, quarterly and other intervals. So

n = 12

The rate at which the principal was compounded is 12%. So

r = 12/100 = 0.12

It was compounded for a total of 2 years. So

n = 2

The formula for compound interest is

A = P(1+r/n)^nt

A = total amount compounded at the end of n years

A = 765.13(1 + 0.12/12)^12×2

A = 765.13(1 + 0.01)^24

A = 765.13(1.01)^24

A = 765.13 × 1.26973464853

A = 971.51207163122

Approximately $971.51

4.08%

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