A new Internet bank pays compound interest of 0.5 percent per month on deposits. How much interest

Question:

A new Internet bank pays of 0.5 percent per month on deposits. How much interest will Khalil’s summer savings of $1,200 earn in one year with this online bank account?

Compound Interest
Compound interest (or compounding interest) is interest calculated on the initial principal, which also includes all of the accumulated interest from previous periods on a deposit or loan. Thought to have originated in 17th century Italy, compound...