Answer:
$ 29.018 ( approx )
Explanation:
The amount formula in compound interest,
![A=P(1+r)^t](https://tex.z-dn.net/?f=A%3DP%281%2Br%29%5Et)
Where,
P = principal amount,
r = rate per period,
t = number of periods,
Here, P = $ 3260.00,
Since, the amount is compounded monthly,
So, the number of periods in 3 months, t = 3,
Also, annual rate = 3.55 % = 0.0355,
So, the rate per month, r =
(∵ 1 year = 12 months)
Thus, the amount after 3 months,
![A=3260(1+\frac{0.0355}{12})^3=3289.01817638\approx 3289.018](https://tex.z-dn.net/?f=A%3D3260%281%2B%5Cfrac%7B0.0355%7D%7B12%7D%29%5E3%3D3289.01817638%5Capprox%203289.018)
Hence, the total interest earned,
I = A - P =3289.018 - 3260 = $ 29.018