In January, Joanna deposited $250into her savings account. InFebruary, she deposited anadditional $100. If her account hasan APR of 6% compounded monthly, how much interest did Joanna earnin the first two months?

Given:

In January Joanna deposited $250 into her savings account.

In February, she deposited an additional $100.

Her account has an APR of 6% compounded monthly.

Required:

We have to find how much interest did Joanna earn in the first two months.

Explanation:

For the month of January:

Here, P=$250, r=6%, amd n= 1 month=1/12 year.

Then,

Then the interest is

For the month of February:

P=251.24+100=351.25

Then we have

Then the interest is

Therefore, the total interest is

Final

Hence the final answer is