What is the difference in amount accumulated between a $10,000 sum with 12 perce

Question

What is the difference in amount accumulated between a $10,000 sum with 12 percent interest compounded annually and one compounded monthly over one year period?

(Round your answers to the nearest whole dollar. Omit the comma and "$" sign in your response.)

Compounded monthly =

Compounded annually =

Difference in amounts =

What is the difference in amount accu mu lated between a $10,000 sum with 12 percent interest compounded annually and one compounded monthly over one year period? (Round your answers to the nearest whole dollar. Omit the comma and "$" sign in your response.) Compounded monthly = Compounded annually = Difference in amounts =

Explanation / Answer

Compounded monthly =10000(1+12/(12x100))^12 = 11268.25

Compounded annually =10000(1+12/(100))=11200

differencce = 68.25

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