Ashley deposits $1000 into an account that earns 4% interest compounded 2 times per year. how much money will ashley have in her account after 5 years? round to the nearest cent
a)1520.30
b)1892.19
c)1218.99
d)1253.00

The equation for compound interest is , where:
P is the original deposit (or "principal")
r is the rate of the interest (in decimal form)
n is the number of times per year that the interest is compounded
t is the time passed in years

Plugging in your values, we see that the equation becomes

which equals, to the nearest cent, $1218.99, which is answer C.