The amount in the account after the given time if compounded semiannually to the nearest cent is $1104.2
Compound interest
Interest is any amount added on a sum of money over a period of time. The formula for calculating the compound interest is:
A = P(1+r/n)^nt
Given
Principal = $1000
rate r = 5% = 0.05
time = 3years
n = 2 (semi annually)
Substitute the given parameters
A = 1000(1 + 0.05/3)^3(2)
A= 1000(1.1042)
A = $1104.2
Hence the amount in the account after the given time if compounded semianually to the nearest cent is $1104.20
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