Solve the problem.
A 49-year-old man deposits a total of $2000 per year in an IRA until age 65. How much money will be in the account if the interest rate is 8% compounded semiannually with payments of $1000 made at the end of each semiannual period?
A. $125,402.94
B. $118,656.67
C. $59,328.34
D. $62,701.47
Answer: D
Mathematics
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