If oliver withdraws $285.10 from his savings account to make the purchase, how much would he have earned in interest on that amount over five months? round your answer to the nearest cent.

Oliver withdraws an amount of $285.10 from his saving account

His saving account earns 1.8% annually

The interest Oliver could have earned in five months:

Monthly interest = Annual interest ÷ 12
Monthly interest = 1.8% ÷ 12
Monthly interest = 0.018 ÷ 12 = 3/2000

After five months = Principle × (1 + interest)ⁿ
After five months = 285.10 × (1 + 0.018)⁵
After five months = 311.70

Interest earned = 311.70 - 285.10 = $26.60