Question about deposits

[MommysLittleMonster]

A single deposit is made today, lets say $1000.

The deposit stays in the account for 1 year.

Interest is compounded every month.


Wouldn't there be 12 compounding interest periods?

 

[Warthog912]

seems like a simple yes to me, but I'm not a financial advisor/CPA/ Banker with common sense/ et all...

 

[MommysLittleMonster]

Originally posted by: Warthog912
seems like a simple yes to me, but I'm not a financial advisor/CPA/ Banker with common sense/ et all...

My retard of a finance professor posted his "personal answers" to our HW from the book on his website. There are about 5 questions like this and for the amount of periods, he uses the amount of years.

I really think this is wrong.