Answer:
$1326.60
Explanation:
We can solve by using the compound interest formula
a=p(1+r/n)^(nt)
Let a be the final amount
let r be the interest rate
let n be the number of times per period
let t be the number of periods
let p be our starting amount
We plug in our information
a=5000(1+0.04/1)^6
We solve for a and get
$6326.60, rounding to the nearest cent
Since we are to find the interest, we subtract the new amount from our original amount
6326.60-5000=1326.60
Therefore, the interest was $1326.60