A new Internet bank pays compound interest of $0\mathrm{.}5$ percent per month on deposits.

How much interest will Abe$$s summer savings of $$2,900$ earn in one year with this online bank account? $($Round answer to $2$ decimal places, e$.$g$.125\mathrm{.}12.$ Do not round your intermediate calculations.$)$ Answer is $178\mathrm{.}87,$ please explain! Thanks