Dover Company Deposits $30,000 with Second National Bank in an Account

Multiple Choice

Dover Company deposits $30,000 with Second National Bank in an account earning interest at 5% per annum, compounded semi-annually. How much will Dover have in the account after five years if interest is reinvested? Use the formula method. (Do not round any intermediary calculations, and round your final answer to the nearest dollar.)

A) $37,500
B) $33,750
C) $38,461
D) $38,403