If Joanie puts \(\$500\) in a savings account that earns \(10\) percent annual interest compounded semiannually, how muc

For compound interest;
$$A=P\left(1+\frac{r}{n}\right)^{^{nt}}$$
Where A = final amount; P = initial principal; r = interest rate
n = no. of times interest compounded; t = no. of time period elapsed
P = $500
Since the money is compounded semi-annually,
r = 10 * 1/2 = 5%
t = 1*2 = 2
n = 1
$$A=500\left(1+\frac{5\%}{1}\right)^{^{1\cdot2}}$$
$$A=500\left(1+0.05\right)^{^2}$$
$$A=500\left(1.05\right)^{^2}$$
$$A=500\cdot1.05\cdot1.05=$551.25$$