Effective Annual Interest Rate

Deposit $10,000.00
Interest Rate 12% (compounded monthly)

Month Beginning Balance Interest Earned Ending Balance

1 $10,000.00 $100.00 $10,100.00
2 $10,100.00 $101.00 $10,201.00
3 $10,201.00 $102.01 $10,303.01
4 $10,303.00 $103.03 $10,406.03
5 $10,406.00 $104.06 $10,510.06
6 $10,510.00 $105.10 $10,615.10
7 $10,615.00 $106.15 $10,721.15
8 $10,721.00 $107.21 $10,828.21
9 $10,829.00 $108.29 $10,937.29
10 $10,973.00 $109.73 $11,082.73
11 $11,046.00 $110.46 $11,156.46
12 $11,157.00 $111.57 $11,268.57

Effective Annual Interest Rate 12.69%