SOLUTION: You choose to invest your $3410 income tax refund check (rather than spend it) in an account earning 5% compounded semiannually. How much will the account be worth in 5 years. (Rou

Question 1146730: You choose to invest your $3410 income tax refund check (rather than spend it) in an account earning 5% compounded semiannually. How much will the account be worth in 5 years. (Round your answer to the nearest cent)
Answer by greenestamps(13200) (Show Source): You can put this solution on YOUR website!

5 years semiannually at 5% annual interest means 10 compounding periods, each with 2.5% interest.

Apply the growth factor 1+.025 10 times to the beginning principal:

You can do the calculation....
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