I have a quick question question about this investment calculator. It is the website calculator.net/investment calculator Basically I put in my starting amount of investment is 4800, for 1 year, with a return rate of 10%, compounded annually. And I add a contribution of 100 dollar at the beggining of the month
So I did my calculation I did
$(4800+100)*(.10/12))$ to get my interest amount of $40.833$
But the calculator says the correct amount of interest is 39.07
I am confused how they get 39.07 for the interest amount. I though if it is 10 compound interest you do .10/12 to get monthly interest. please help.