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 $___
To calculate the total amount of the investment at the end of the second month, we need to calculate the value after two months.
After one month, the investment will grow by 12%/12 = 1% per month.
Let's calculate the value after one month:
$70 + ($70 * 1%) = $70 + $0.70 = $70.70
After the second month, the investment will grow by 12%/12 = 1% per month again.
Let's calculate the value after the second month:
$70.70 + ($70.70 * 1%) = $70.70 + $0.707 = $71.41
Therefore, the total amount of the investment at the end of the second month is $71.41. Answer: \boxed{71.41}.