Help me with this question (Question in description)

Question

Elizabeth has $937.21 in her savings account. The account pays 4.5% compounded monthly. Elizabeth doesn't make any deposits or withdrawals over the next 6 months. How much interest does the account earn?

Answer 1

The formula for interest compounded monthly (12 times per year) for 6 months (1/2 year) is:

937.21*(1 + .045/12)^12*(1/2) = 958.50.

Answer 2

The formula I use is: fv=p(1+int/c)^(nt).

premium=937.21

int=.045

compound=6

n=years=.5

times/yr=1

future value=940.72