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Solve the Problem $12,500\$ 12,500 At the End of Each 6 Months for 13 Years

Question 17

Multiple Choice

Solve the problem.
-Gretta wants to retire in 13 years. At that time she wants to be able to withdraw $12,500\$ 12,500 at the end of each 6 months for 13 years. Assume that money can be deposited at 12%12 \% per year compounded semiannually. What exact amount will Gretta need in 13 years?


A) $162,539.63\$ 162,539.63
B) $254,127.13\$ 254,127.13
C) $159,792.00\$ 159,792.00
D) $165,131.63\$ 165,131.63

Correct Answer:

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