Question

1. Michael deposited $500 in his bank account that pays 4% semi-annual compounded interest. If he does not touch the money for 5 years, how much money will be in the account?​

Answer 1

Answer:

$609.50

Step-by-step explanation:

A = P(1 + r/n)^nt

   = 500(1 + $\frac{.04}{2}$)^2(5)

   = 500(1.02)¹⁰

    = 500(1.218994)

    = 609.497

Round answer up to $609.50