Assignment:
Assume that you can invest to earn a stated annual rate of return of 12 percent, but where interest is compounded semiannually. If you make 20 consecutive semiannual deposits of $500 each, with the first deposit being made today, what will your balance be at the end of Year 20?
$52,821.19
$57,900.83
$58,988.19
$62,527.47
$64,131.50