A professional athlete invested $3.1 million of a bonus in an account that earns an annual rate of 6.8%, compounded semiannually. If $120,400 is to be withdrawn at the end of each six months, how long will it be until the account balance is $0? Round your answer to two decimal places.
A) 62.29 half-years
B) 31.66 half-years
C) 21.44 half-years
D) 16.33 half-years
E) 123.55 half-years
Correct Answer:
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