Question

$875 at 9.5% compunded twice a year. How much money will there be in 5years?

Answer 1

P = A(1+i)ⁿ, where:
A= initial value
I = interest in %
n= period of compound investment.
However, if the interest is paid twice a year, that means you have to divide the interest by 2 and the period becomes twice n
P = 875(1+9.5%/2)⁵ˣ²
P = 875(1+4.75%)¹⁰
P =875( 1.0475)¹⁰
P = $1,391.7