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 14 years. Assume that money can be deposited at 12% per year compounded semiannually. What exact amount will Gretta need in 13 years?


a. $169,884.00


b. $167,577.00


c. $249,089.63


d. $165,131.63|||Answer: b. $167,577.00