A business person invests $2943 at 1% compounded semiannually for two years. What is the future value of the investment and how much interest will they earn over two years?

principal = 2943

rate = 1/2 = 0.5%

t = 2*2 = 4 years

amount = 2943 ( 1+0.5/100)^4

= 2943 (1.005)^4

= 2943 * 1.020

= $3001.86

interest= 3001.86-2943

= $ 58.86

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