John Lee's savings account has a balance of $4494. After 3 years, what will the amount of interest be at 5% compounded semiannually?

Answer 1

I got $674.10

Answer 2

amount after 3 years at 5% pa compounded semiannually
= 4494(1.025)^6 = 5211.66

so interest = 5211.66-4494 = 717.66

Answer 3

Thanks:)