Answer-
Cooper will receive $12.00 at the end of the month.
Solution-
Cooper has $1500 in the account now and he deposits an additional $500 at the beginning of the month.
So the total principal becomes 1500+500 = $2000
Given here,
APR = annual percentage rate = 7.2%
But as we have to calculate the monthly interest, so monthly interest rate would be [tex]=\dfrac{7.2}{12}=0.6\%[/tex]
Time period = 1 month
So, the interest after 1 month will be,
[tex]\text{interest}=\dfrac{\text{Principal}\times \text{Rate of interest}\times \text{Time period}}{100}[/tex]
[tex]=\dfrac{2000\times 0.6\times 1}{100}[/tex]
[tex]=\$12.00[/tex]
Therefore, Cooper will receive $12.00 at the end of the month.
