When $70 is invested monthly with an annual compound interest rate of 12% interest, compounded monthly, what is the total amount of the investment at the end of the second month? Round the answer to two decimal places as needed.
At an annual interest rate of 12%, compounded monthly, the monthly interest rate is $12/12=1% or 0.01.
After the first month, the amount of money in the account is 70+0.01(70)=70+0.7=<<70+0.7=70.70>>70.70 dollars
After the second month, the amount of money in the account is 70.70+0.01(70.70)=70.70+0.707=<<70.70+0.707=71.41>>71.41 dollars. Answer: \boxed{71.41}.