Daniel has $1200 in the bank. He is earning 3.5% compound interest each month. How much money will he have in the bank in one year? Be sure to round to the nearest penny (hundredth)

The answer is 1,704

To find 3.5% of $1200 you multiply the two numbers but you have to change the percentage to a decimal which is 0.035 multiplied by $1200 which is 42 so 42 each month, so then in a year which is 12 months you multiply 42 by 12 which is 504. The last thing to do is add 504 to $1200 and the sum is 1,704