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

Can you please show me step by step how to do this problem.

The choices are
$650.00
$640.04
$670.05
$897.93

1 answer

you have 10 periods.

total=500(1+.05/2)^10=500(1.025)^10

Put this in your google Seearch window:

500(1.025)^10=