Jamal Plans to Retire in 17 Years

Jamal plans to retire in 17 years. He is saving $2000 every month in a retirement savings account paying him a long-term interest of 9% compounded semi-annually until retirement. The rate changes following the retirement. He wants $7000 per month paid to him for 20 years after the retirement. At what rate (semi-annually) should his savings account pay him to fulfill his dream? (Use the Rate function in Excel.)

A) 0.54%
B) 3.28%
C) 0.86%
D) 10.27%
E) 6.55%