Tom started his career with Oracle with an intention to retire in 25 years. When he retired, he started receiving $66 000.00 every 6 months for 15 years, starting on the date of his retirement. How much did Tom deposit deposit in an account at the start of his career, if interest is 9.25% compounded semi-annually?
A) $1 108 432
B) $115 594
C) $1 449 334
D) $147 332
E) $79 360
Correct Answer:
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