a freelance artist is paid $3,520 for a contracted job. the money is invested in a savings account earning…

Explanation:

Step1: Identify compound - interest formula

The compound - interest formula is $A = P(1+\frac{r}{n})^{nt}$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), $n$ is the number of times interest is compounded per year, and $t$ is the number of years.

Step2: Convert given values

$P=$3520$, $r = 0.0305$ (since $3.05%=0.0305$), $n = 12$ (compounded monthly), and $t=\frac{6}{12}=0.5$ years.

Step3: Substitute values into formula

$A = 3520(1+\frac{0.0305}{12})^{12\times0.5}$. First, calculate $\frac{0.0305}{12}\approx0.002542$. Then $1+\frac{0.0305}{12}=1 + 0.002542=1.002542$. Next, $12\times0.5 = 6$, so $A = 3520\times(1.002542)^{6}$. $(1.002542)^{6}\approx1.01528$. Finally, $A = 3520\times1.01528=$3574.0896\approx$3574.02$.

Answer:

$3574.02$