Please provide correct answer You have deposited $42,000 into an account that will earn aninterest rate of 12% compounded semiannually. How muchwill you have in this account at the end of seven years?A. $92,848.62B. $71,218.48C. $94,957.97D. $113,949.56

To calculate the future value of the investment, we use the compound interest formula:…

Answered: You have deposited $42,000 into an…

EBK CONTEMPORARY FINANCIAL MANAGEMENT

14th Edition

ISBN:9781337514835

Author:MOYER

Publisher:MOYER

Chapter5: The Time Value Of Money

Section: Chapter Questions

Problem 24P

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You have deposited $42,000 into an account that will earn an interest rate of 12% compounded semiannually. How much will you have in this account at the end of seven years? A. $92,848.62 B. $71,218.48 C. $94,957.97 D. $113,949.56