Tom Started His Career with Oracle with an Intention to Retire

Tom started his career with Oracle with an intention to retire in 25 years. When he retired, he started receiving $66 000.00 every 6 months for 15 years, starting on the date of his retirement. How much did Tom deposit deposit in an account at the start of his career, if interest is 9.25% compounded semi-annually?

A) $1 108 432
B) $115 594
C) $1 449 334
D) $147 332
E) $79 360

Correct Answer:

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