Answer: $1,054.36
Explanation :
A = P(1 + r/n)^(nt)
Where:
A = the balance after 5 years
P = the principal amount (initial deposit) = $818.00
r = the annual interest rate (as a decimal) = 0.05
n = the number of times the interest is compounded per year = 2 (semiannually)
t = the number of years = 5
Plugging in the values, we get:
A = $818.00(1 + 0.05/2)^(2*5)
A = $1,054.36