Answer:
$740
Step-by-step explanation:
(see attached picture for reference)
I'm going to assume that when you wrote "500", you mean "$500"
recall that the formula for compound interest:
A=P(1+r/n) ^ (nt)
where
P = principal amount = $500
r = interest rate = 8% = 0.08
n = number of times compounded in a year = 2 (note: semi-annually means twice a year, hence n = 2)
t = number of years = 5
substituting this into the equation,
A=P(1+r/n) ^ (nt)
A=500 [ 1+(0.08/2) ] ^ (2 x 5)
A= $740.1221
A = $740 (rounded to nearest dollar)
