A Developer Wants to Buy a Certain Parcel of Land

Multiple Choice

A developer wants to buy a certain parcel of land. The developer feels she can afford payments of $26,000 each half-year for the next 6 years. How much can she borrow and hold to this budget at an annual rate of 7.2% compounded semianually? Round your answer to the nearest cent. ​

A) $413,166.55
B) $249,774.48
C) $558,705.90
D) $615,256.64
E) $138,088.45