Question: 1.Quarterly compounding implies that interest is compounded (2) (4) (6) (12) (3) times per year. 2.You have deposited $96,780 into an account that will earn

1.Quarterly compounding implies that interest is compounded (2) (4) (6) (12) (3) times per year.

2.You have deposited $96,780 into an account that will earn an interest rate of 8% compounded semiannually. How much will you have in this account at the end of seven years?

(a)$108,934.57

(b)$165,863.91

(c)$167,591.65

(d)$125,693.74

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