An investment consists of deposits of $500 per quarter for 10 years. How much will be in the account after 10 years if interest is 5.5% compounded semi-annually?

Compounded Semi-annually

A method of calculating interest wherein the interest is added to the principal amount twice a year.

Interest

The amount paid for the use of borrowed money, usually expressed as a percentage of the principal.

Investment

The action of allocating resources, usually money, with the expectation of generating an income or profit.