A = P(1+r)tn
The formula above is used to calculate compound interest. A represents the amount of money accumulated after n years, including interest; P is the initial principal amount (i.e.,
the initial amount deposited); stands for the annual rate of interest as a decimal; and t
represents the number of years and in the number of times the interest is compounded, per
year. If Serina deposits $500 in an account earning 5% interest compounded semiannually and keeps the money in her account for three years, how much money will she have at the end of the five years? Round your answer to the
nearest dollar.
A $515.00
B $530.00
C $670.05
D$710.10
