To calculate the future value we need to use the compound formula:
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]where P is the principal, r is the interest rate in decimal form, n is the number of times the interest is compound in any given time t.
In this case we have that P=901, r=0.035 and since the interest is compound semiannually this means that n=2. Finally t=6. Plugging this values into the equation above we have that:
[tex]\begin{gathered} A=901(1+\frac{0.035}{2})^{2\cdot6} \\ A=1109.53 \end{gathered}[/tex]Therefore the future value would be $1109.53
