Answer:
Hence final answer is $15.17
Step-by-step explanation:
Given that Dirk opened up a savings account with $600.
So P=$600
"At a yearly interest rate of 5 percent"
Means r=5% = 0.05
"compounded monthly" means n=12
i= monthly rate of interest = r/n=0.05/12
"how much interest will Dirk earn in six months." means find Interest when time is 6 months
Plug these values into compound interest formula:
[tex]A=P\left(1+i\right)^t[/tex]
[tex]A=600\left(1+\frac{0.05}{12}\right)^6[/tex]
[tex]A=600\left(1+0.00417\right)^6[/tex]
[tex]A=600\left(1.00417\right)^6[/tex]
[tex]A=600\left(1.02528228828\right)[/tex]
A=615.169372966
which is approx
A=615.17
Now interest earned will be difference of A and P
Interest =A-P=615.17-600=$15.17
Hence final answer is $15.17
