12) A principal of $7,650 is invested at a rate of 3.7% compounded annually. After how many years will the investment first exceed $12,250? A) 12 B) 15 C) 16 D) 13 E) 14 13) Find the present value of $450 in the six years' time if the discount rate is 9.5% compounded semi-annually. Round your answer to two decimal places. A) $151.44 B) $187.45 C) $193.24 D) $257.85 E) $261.05 12) 13)