Given:
Balance = P = $5000
Interesr rate = r = 3% = 0.03
Compounded semiannually, n = 2
Time = t = 10 years
so,
[tex]A=P\cdot(1+\frac{r}{n})^{nt}[/tex]Substitute with the given values:
[tex]\begin{gathered} A=5000\cdot(1+\frac{0.03}{2})^{2\cdot10} \\ \\ A=5000\cdot1.015^{20}=6734.275 \end{gathered}[/tex]So, the answer will be $6734.275
