Answer:
[tex]\$5,828.28[/tex]
Step-by-step explanation:
we know that
The compound interest formula is equal to
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest in decimal
t is Number of Time Periods
n is the number of times interest is compounded per year
in this problem we have
[tex]t=5\ years\\ P=\$4,900\\ r=0.035\\n=2[/tex]
substitute in the formula above
[tex]A=\$4,900(1+\frac{0.035}{2})^{2*5}[/tex]
[tex]A=\$4,900(1.0175)^{10}=\$5,828.28[/tex]
