Question: Can you please explain this by explaining it with the formula? Thanks :) Megan's current account balance is $5,000. She will need to spend $1,200

Can you please explain this by explaining it with the formula? Thanks :)

Can you please explain this by explaining it with the formula?

Megan's current account balance is $5,000. She will need to spend $1,200 exactly 3 years from now. What is her account balance 5 years from now if the nominal interest rate is 8% per annum compounded semi-annually? A. $5,506.44 B. $5,544.93 C. $5,946.96 D. $5,997.39

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