Answer
$ \$ 59.83$
Work Step by Step
Recall:
$A = P \left(1+\dfrac{r}{n} \right)^{n t}$
where
$P:$ The principal amount
$r:$ Annual interest rate
$n:$ Number of compoundings per year
$t:$ Number of years
$A:$ Amount after $t$ years
The given problem has:
$P= \$ 50, r=0.06, t = 3$
$\text{Compounded monthly} \to n = 12$
Thus, using these given values and the formula above gives:
$A = 50 \left(1+\dfrac{0.06}{12} \right)^{12 \times 3}$
$A \approx \$ 59.83$
