What must amount be if the account is paying semi-annually

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Problem 1: You want to place a certain amount in a savings account at the end of each of the next 3 years so that you obtain S$40,000 at the end of the period. What must this amount be if the account is paying semi-annually interests and the annual rate is 2? % (use proportional rates)

Group of answer choices

Option 1: $6,501.93

Option 2: $13,070.19

Option 3: $13,068.89

Option 4: $6,666.67

Reference no: EM132997813

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