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Suppose you invest $5,000 in an account with an annual interest rate of 6% compounded monthly. So if the annual rate is 6%, if we divide 6% by 12, we get the monthly interest rate of 0.5% each month. At the end of each month, you deposit $175 into the account. Use this information to complete the table below. Round to the nearest cent as needed. So you opened the account with $5,000. So well call $5,000 the ending balance for month zero or when you opened the account. This becomes the prior balance for the first month. And then during the first month, you earn 0.5% of interest on the $5,000. So we need to find 0.5% of 5,000. To find the percent of a number, we convert the percent to a decimal and multiply. O.5% as a decimal is 0.005, and then we have times 5,000, which is equal to 25. You earned $25 of interest in the first month. Then you make the deposit of $175, and therefore, the ending balance for month one is 5,000 plus 25 plus 175, which is $5,200. This becomes the prior balan
