Question

Alecia deposited $500 in a savings account at 5% compounded semiannually. What is her balance after 5 years?

$650.00
$640.04
$670.05
$897.93

Answer 1

\[A=P(1+\frac{r}{n})^{nt}\]
We need to plug into that formula

Answer 2

\[A=500(1+\frac{.05}{2})^{2(5)}\]

Answer 3

\[A=500(1.025)^{10}=$640.04\]

Answer 4

okay thanks=D

Answer 5

yw