Answer:
[tex]\$96,919.02[/tex]
Step-by-step explanation:
we know that
The compound interest formula is equal to
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]
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
in this problem we have
[tex]t=6/12=0.5\ years\\ P=\$95,000\\ r=4\%=4/100=0.04\\n=365[/tex]
substitute in the formula above
[tex]A=95,000(1+\frac{0.04}{365})^{365*0.5}[/tex]
[tex]A=95,000(1+\frac{0.04}{365})^{182.5}=\$96,919.02[/tex]
