Answer:
- interest: $275.77
- balance: $3,275.77
Step-by-step explanation:
The account value is given by the compound interest formula:
A = P(1 +r/12)^n
Principal P invested at annual rate r compounded monthly for n months.
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Using your parameters, the account balance would be ...
A = $3000(1 +0.016/12)^66 = $3275.77 . . . account balance
The interest is the difference between this balance and the original investment amount:
interest = $3000 -3275.77 = $275.77 . . . interest
