What interest will be earned if $6300 is invested for 3 years at 12% compounded monthly?   write your answer rounded to the nearest cent.   (do not include the $ or commas in your answer).

Interest earned = 2713.8

Explanation:
We will solve this problem on two steps:
1- get the final amount after three years
2- get the interest earned by subtracting the initial amount from the final one.

1- getting the final amount after 3 years:
The formula that we will use is as follows:
A = P (1 + r/n)^(nt)
where:
A is the final amount we want to calculate
P is the initial amount = 6300
r is the interest = 0.12
n is the number of compounds per year =12
t is time in years = 3

Substitute to get the final amount:
A = P (1 + r/n)^(nt)
A = 6300 (1 + 0.12/12) ^ (12*3)
A = 9013.8

2- getting the interest earned:
Interest earned = final amount - initial amount
Interest earned = 9013.8 - 6300
Interest earned = 2713.8

Hope this helps :)