Rhonda deposits $5,600 in a savings account that pays 1.5% interest, compounded semi-annually.
round to the nearest cent.

Part a)

Part b)  

Part c)

Part d)

Part e)

Step-by-step explanation:

The complete question is

Rhonda deposits $5,600 in a savings account that pays 1.5% interest, compounded semi-annually. Round to the nearest cent.

a. How much interest does the account earn in the first 6 months?

b. What is the ending balance after 6 months?

c. How much interest does the account earn in the second 6 months?  

d. What is the balance after 1 year?

e. How much interest does the account earn the first year?

we know that

The compound interest formula is equal to  

where  

A is the Final Investment Value  

P is the Principal amount of money to be invested  

r is the rate of interest  in decimal

t is Number of Time Periods  

n is the number of times interest is compounded per year

Part a) How much interest does the account earn in the first 6 months?

in this part we have  

substitute in the formula above

Find out the interest

Part b) What is the ending balance after 6 months?

we know that

The ending balance after 6 months is the same that the final investment value of A after 6 months

so

  ----> see part a)

Part c) How much interest does the account earn in the second 6 months?

in this part we have  

substitute in the formula above

Find out the interest

Part d) What is the balance after 1 year?

we know that

The balance after 1 year is equal to the initial deposit of $5,600 plus the  interest earned in the first 6 months plus the interest earned in the second 6 months

so

Part e) How much interest does the account earn the first year?

The total interest the first year is equal to the interest earned in the first 6 months plus the interest earned in the second 6 months

so

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step-by-step explanation: