The appropriate formula is
A = P(1 +r/n)^(nt)
where P is the amount invested (720)
r is the annual interest rate (0.062)
n is the number of compoundings per year (2)
t is the number of years (5)
Filling in the given numbers, you have
A = $720·(1 + .062/2)^(2·5)
A = $720·1.031^10
A ≈ $977
After 5 years the account will hold $977.
