ANSWER
[tex]\$103[/tex]EXPLANATION
To find the total amount of interest, we first have to find the total amount after 6 years then subtract the principal (initial amount) from it.
The total amount for monthly compounding is given by:
[tex]A=P(1+\frac{r}{12})^{12t}[/tex]where
P = principal = $303
r = rate = 4.9% = 0.049
t = number of years = 6 years
Therefore, the total amount is:
[tex]\begin{gathered} A=303(1+\frac{0.049}{12})^{12\cdot6} \\ A=303(1+0.004083)^{72}=303(1.004083)^{72} \\ A=303\cdot1.341 \\ A\approx\$406 \end{gathered}[/tex]Now, subtract the principal to find the interest after 6 years:
[tex]\begin{gathered} I=A-P \\ I=406-303 \\ I=\$103 \end{gathered}[/tex]That is the interest.
