Sandra deposits $3,000 at the end of each semiannual period for 12 years at 10% interest compounded semiannually. Determine the amount she will have in the account after 12 years. Round to the nearest cent.

Because deposits are made at the end of each semiannual period, this is an ordinary annuity. The periodic interest rate is 10% ÷ 2 = 5%, and there are 12 × 2 = 24 deposits. Its future value is $3,000 × [((1.05)^24 − 1) ÷ 0.05] = $133,506.00, so the correct choice is $133,506.00.

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