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. The total amount of the investment at the end of the second month is.
After the first month, the investment will grow by 12%/12 = 1%.
Since 1% of $70 is $0.7, the investment will grow to $70 + $0.7 = $<<70+0.7=70.7>>70.7.
After the second month, the investment will grow by another 12%/12 = 1%.
So the investment will grow to $70.7 + 1% of $70.7 = $70.7 + $0.707 = $<<70.7+0.707=71.407>>71.407.
Rounding this answer to two decimal places as needed, the total amount of the investment at the end of the second month is $<<71.41=71.41>>71.41. Answer: \boxed{71.41}.