staceyc5079
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shubhamchouhanvrVT

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.

To know more about Compound interest follow

https://brainly.com/question/24924853

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