Brenda invests $4,848 in a savings account with a fixed annual interest rate of 5% compounded 2 times per year. what will the account balance be after 6 years?

She invests some amount in a saving account of fixed interest compounded half-yearly. It says to find its Future Value after six years.

The principal amount is P = $4,848.

Annual interest rate is 5% i.e. r = 0.05

Compounding period is two times per year i.e. n = 2.

Time of investment is t = 6 years.

We know the formula of Future Value is given by :-

We can plug the given values in the formula to calculate the answer.

Hence, future value of investment after six years is 6,520.02 dollars.