Mathematics: M you invest $720 in an account that has an annual interest rate of 6.2%, compounded semiannually. how much money will be in the account after 5 years? round your answer to the nearest whole number and include units.

Diameter of 1 inch? 3.14 inch circumference...

M you invest $720 in an account that has an annual

briannabo08

13.03.2022

$977

Step-by-step explanation:

The formula for compound interest is given by

$A=P(1+\frac{r}{n})^{nt}$

For the given question, we have

P = $720

r = 0.062

t = 5

n = 2 (because of compounded semiannually)

Substituting these values in the above formula

$A=720(1+\frac{0.062}{2})^{2\cdot5}$

On simplifying, we get

A = 977

thus, the amount in the account in 5 years = $977

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