Miguel decides to set up a retirement fund by depositing $15,000 at the end of each uear for 40 years. How much will he have then, if the interest rate is 8% compounded semiannually.

Options:
A. 600000.00
B. 4053271.89
C. 5097658.89
D. 5957050.89
E. None of the above

Why is Miguel setting up a retirement fund when he can't do math?

Obviously 40 x $15,000 = $600,000, so it can't be that. Please tell me you figured that one on your own. If memory serves me correctly, 8% semi annually is calculated as 1.0816. Go from there.