This is a problem of compound interest because the interest received one month is added to the money deposited on which you calculate the interest the next month.
You need to apply the following formula:
C = P[ [tex] (1+r)^{t} [/tex] - 1]
where:
C = compound interest you need
P = original amount of money deposited
r = is the rate, written as a rational number
t = number of months
Pluggin in numbers:
C = 60[ [tex] (1+0.035)^{15} [/tex] - 1] = 40.52$
Now, you need to add this amunt to the original amunt:
(60+40.52) = 100.52$
Therefore, Matt will have 100.52$ after 15 months.
