QuestionMonique invests $\$ 11,500$ in an account that earns interest at an annual rate of $4 \%$ compounded each month. Her account earns interest for 1 year.
What is the compounding period for Monique's investment? yearly monthly 12 months 1 year

Studdy Solution
Since the interest is compounded monthly, the compounding period is monthly. This means that the interest is calculated and added to the account balance each month.
The compounding period for Monique's investment is:
$$\text{monthly}$$