Each year 107.2%increase of budget first year 500 * 1.072 = 536 second year 536 * 1.072 = 574.592 third year 574.592 * 1.072 = 615.962624 .. .. sixth year 707.854392 * 1.072 = 758.819908
or you can just (1.072)^6 * 500 = 1.517639816659862 * 500 = 758.8199083299308
The formula is A=p (1+r/k)^kt A future value? P present value 500 R interest rate 0.072 K compounded semiannual 2 T time 6 years A=500×(1+0.072÷2)^(2×6) A=764.34