Mary deposited $7,000 to open a new savings account that earned 14 percent annual interest, compounded semi-annually. If there were no other transactions in the account, what the amount of money in Mary account one year after the account was opened?
Choose the correct answer:
A) $7,201
B) $7,205
C) $7,300
D) $7,454
E) $7,294
Approach #1:   14 percent annual interest compounded semi-annually --&gt; 7% in 6 moths.   For the first 6 moths interest was 7% of $7,000, so $140;   For the next 6 moths interest was 7% of $7,000,plus 7% earned on previous interest of $140, so $140+$14=$154;   Total interest for one year was $140+$154  140+ 14= 
<gadget id="calculator">  140+ 14</gadget>
<output>154</output>
$154;   Total interest for one year was $140+$154=$294, hence balance after one year was $7,000+ $294 140+ 154= 
<gadget id="calculator"> 140+ 154</gadget>
<output>294</output>
$294, hence balance after one year was $7,000+ $294=$7,294.   Answer: $7,294.
<result>E</result>
Mary deposited $7,000 to open a new savings account that earned 14 percent annual interest, compounded semi-annually. If there were no other transactions in the account, what the amount of money in Mary account one year after the account was opened?