Sandra deposits $3,000 at the beginning 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.

There are 2 × 12 = 24 semiannual periods, and the interest rate per period is 10% ÷ 2 = 5%. Because each $3,000 deposit is made at the beginning of a period, use the future value of an annuity due: $3,000 × [((1.05)^24 − 1) ÷ 0.05] × 1.05 = $140,181.30. The amount after 12 years is $140,181.30, choice B.

AI-written and checked against the verified answer.