Answer:
$15.16
Explanation:
Compound interest is when the interest you earned before, will also start earning interest. To calculate the compound interest we can use the following formula:
principal + interest = principal x (1 + rate/number of periods per year)∧time
principal + interest = $600 x (1 + 5%/12)⁶ = $600 x (1.0042)⁶ = $600 x 1.0252 = $615.16
interest = $615.16 - $600 = $15.16
