Chris Wants to Accumulate $100,000 in 5 Years

Multiple Choice

Chris wants to accumulate $100,000 in 5 years. He plans on making equal semiannual deposits into an investment account that earns 12% semiannually in order to reach his goal. How much must Chris invest every six months? (^{PV of $1}, ^{FV of $1}, ^{PVA of $1}, and ^{FVA of $1}) (Use appropriate factor(s) from the tables provided.)

A) $7,586.79
B) $10,000.00
C) $24,331.19
D) $10,153.39
E) $13,586.77