The compound interest will be equal to $13.57.
What is compound interest?
The interest on a loan or deposit that accrues on both the initial principal and the accumulated interest from prior periods is known as compound interest.
The compound interest will be calculated by:-
[tex]CI = P(1+\dfrac{r}{12})^{12t}-P[/tex]
[tex]CI = 250(1+\dfrac{0.053}{12})^{12}-250[/tex]
CI = $13.57
Therefore the compound interest will be equal to $13.57.
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