Answer:
$1.5
Explanation:
Interest is compounded monthly.
The applicable formula for amounts after one month is
A = P + (1 + r)^n
P = principal amount $575
r is interest rate 3.1% per year or 3.1/12 per month =0.26% or 0.0026
n= 1 month
A = $575 +( 1+0.0026)^1
A =$575x 1.0026
A= $576.495
A= $576.5
Interest earned in the month
= $576.5 -$575
=$1.5
