Answer:
Step-by-step explanation:
I'm goig to assume that the formula we need here is the following:
[tex]A(t)=P(1+\frac{r}{n})^{(n)(t)[/tex]
where A(t) is the amount in the account after the compounding is done, n is the number of times per year the compounding occurs, r is the rate in decimal form, and t is the time in years. Filling in accordingly,
[tex]A(t)=90000(1+\frac{.06}{2})^{(2)(5)}[/tex] and simplifying a bit,
[tex]A(t)=90000(1.03)^{10}[/tex] and simplifying a bit more,
A(t) = 90000(1.343916379) so
the amount in the account after 5 years is
A(t) = 120,952.47
