Following previous question:
If the bank offers compound monthly interest calculation, calculate the net first month interest ($)?
(Notes: Use 4 digits after decimal point)

To calculate the net first month's interest when the bank offers compound monthly interest, we need the following formula for compound interest:

\[
A = P \left(1 + \frac{r}{n}\right)^{nt}
\]

Where:
- $ A $ is the amount after interest.
- $ P $ is the principal amount (initial deposit).
- $ r $ is the annual interest rate (in decimal).
- $ n $ is the number of times interest is compounded per year.
- $ t $ is the time the money is invested or borrowed for, in years.

To find the first month's interest, we will calculate the difference between the amount after 1 month and the initial principal:

\[
\text{First month interest} = A - P
\]

Assuming:
- $ P $ is the principal amount.
- $ r $ is the annual interest rate.
- $ n = 12 $ (since interest is compounded monthly).
- $ t = \frac{1}{12} $ years (since we are calculating for one month).

Please provide the principal amount $ P $ and the annual interest rate $ r $, so I can complete the calculation.

If the bank offers compound monthly interest calculation, calculate the net first month interest ($)? (Notes: Use 4 digits after decimal point)

Learn how to calculate the net first month's interest for a compound monthly interest scenario. This problem uses the compound interest formula A = P(1 + r/n)^(nt) and focuses on understanding exponential growth and financial mathematics. Suitable for high school students in Grades 10-12.

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