Solve the Application Problem

question 50

Multiple Choice

Solve the application problem. Round to the nearest cent.
-Gretta wants to retire in 13 years. At that time she wants to be able to withdraw $12,500 at the end of each 6 months for 9 years. Assume that money can be deposited at 5% per year compounded semiannually. What exact amount will Gretta need in 13 years?

• A)$187,236.12
• B)$171,402.50
• C)$179,417.00
• D)$820,583.00

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