Answer :
Let's begin by listing out the information given to us:
Principal (P) = 600, interest rate (r) = 1% = 0.01 * 12 = 0.12, componded monthly (n) = 12, time (t) = 3
The formula for compound interest is given by?
[tex]\begin{gathered} A=P(1+\frac{r}{n})^{nt} \\ \end{gathered}[/tex]We proceed to substitute the values of the variables into the equation, we have:
[tex]\begin{gathered} A=600(1+\frac{0.12}{12})^{12\cdot3}=600(1+0.01)^{36} \\ A=600(1.01^{36})=858.46 \\ \therefore A=\text{ \$}858.46 \end{gathered}[/tex]