Answer:
$562.75
Step-by-step explanation:
The future value formula is good for this.
FV = P(1 +r/n)^(nt)
where principal P is invested at annual rate r compounded n times per year for t years.
Using your numbers, we find the account value to be ...
FV = $500(1 +.06/2)^(2·2) = $500·1.03^4 ≈ $562.75
There will be $562.75 in the account after 2 years.
