Answer:
$4596.63
Explanation:
Given:
• The Principal Alan deposited, P = $4000
,
• Annual Interest Rate, r = 2.8% = 0.028
,
• Compounding Period, k = 2 (Twice in a year)
,
• Time, t = 5 years
We want to determine how much he will have in the account after 5 years.
In order to carry out this calculation, use the compound interest formula below:

Substitute the values defined above:

Finally, simplify and round to the nearest cent.

Alan will have $4596.63 in his account after 5 years.