Question

Derek established his own retirement account 10 years ago. He has discovered that he can obtain a better rate for the next 10 years at 12 percent interest compounded semiannually. Consequently, Derek established a new ordinary annuity account (beginning amount $0.00) and he will contribute $7,000.00 semiannually into the account for the next 10 years. What will be the value of this account at the end of the 10-year period?
$83,652.59 $244,707.61 $257,502.00 $264,501.86

Answer 1

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