If $795 is invested in an account that earns annual interest of 5.5%, compounded semiannually, what will the account balance be after 5 years? (Round your answer to the nearest cent.)
Pt = Po(1+r)^n.
r = (5.5%/2) / 100% = 0.0275 = Semi-
annual % rate expressed as a decimal.
n = 2comp./yr * 5yrs = 10 Compounding periods.
Pt = 795(1.0275)^10 = $1042.76.