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 7 years. Assume that money can be deposited at 6% per year compounded semiannually. What exact amount will Gretta need in 13 years?
A. $692,132.38
B. $141,200.88
C. $132,937.00
D. $149,224.25
Answer: B
Mathematics
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