Betty DeRose is going to deposit $20,000 into a savings account at the beginning of every six months for the next eight years. Assume the savings account will earn 12% interest compounded semi-annually. Calculate the amount of interest Betty DeRose will earn over the eight year period. You will need to use the time value of money table factors posted in carmen to answer this question. To access these factors, click modules and then scroll to the time value of money topic. Click on the link labeled present & future value table factors. No credit will be awarded for this question using a means other than these table factors to answer this question.

Future Value of an Annuity Rate of interest per period in percent Periods 4% 3% 5% 6% 8% 9% 10% 12% 15% 20% 3.0150 3.0909 3.1525 3.1836 3.2464 3.2781 3.3100 3.3744 3.4725 3.6400 4.0301 4.1836 4.3101 4.3746 4.5061 4.5731 4.6410 4.7793 4.99345.3680 5.0503 5.3091 5.5256 5.6371 5.86675.9847 6.1051 6.3529 6.7424 7.4416 6.0755 6.4684 6.8019 6.9753 7.33597.5233 7.7156 8.1152 8.7538 9.9299 7.1059 7.66258.1420 8.3938 8.9228 9.2004 9.4872 10.0890 11.0668 12.9159 8.1414 8.8923 9.5491 9.8975 10.6365 11.0285 11.4359 12.2997 13.7268 16.4991 9 9.1821 10.1591 11.0266 11.4913 12.4875 13.0210 13.5795 14.7757 16.7858 20.7989 10 10.2280 11.4639 12.5800 13.1808 14.4865 15.1929 15.9374 17.5487 20.3037 25.9587 12 12.3356 14.1920 15.9170 16.8700 18.9771 20.1407 21.3843 24.1331 29.0017 39.5805 15 | 15.5366 18.5990 21.5786 23.2760 27.1521 29.3609 31.7725 37.2797 47.5804 72.0351 16 16.6142 20.1569 23.6575 25.6725 30.3243 33.0034 35.9497 42.7533 55.7175 87.4421 17 | 17.6973 21.7616 25.8404 28.2189 33.7502 36.9737 40.5447 48.8837 65.0751 105.931 18 18.7858 23.4144 28.1500 30.9057 37.4502 41.3013 45.5992 55.749775.8364 128.117 19 19.8797 25.1169 30.5390 33.7599 41.4463 46.0185 51.1591 63.4397 88.2118 154.740 20 20.9791 26.8704 33,0650 36.7856 45.7620 51.1601 57.2750 72.0524 102.444 186.688 21 | 22.0840 28.6765 35.7193 39.9927 50.4229 56.7645 64.0025 81.6987 118.810 225.026 22 23.1944 30.5368 38.5052 43.3923 55.4568 62.8733 71.4027 92.5026 137.632 271.031 24.3104 32.4529 41.4305 46.9958 60.8933 69.5319 79.5430 104.603 159.276 326.237 24 25.4320 34.4265 44.5020 50.8156 66.7648 76.7898 88.4973 118.155 184.168 392.484 26.5591 36.4593 47.7271 54.8645 73.1059 84.7009 98.3471 133.334 212.793 471.981 60 69.7700 163.053 353.584 533.128 1253.21 1944.79 3034.82 7471.64 29219.9 281732 Present Value of an Annuity Rate of interest per period in percent Periods 42% 3% 5% 6% 8% 9% 10% 12% 15% 2.9703 2.8286 2.7233 2.6730 2.5771 2.5313 2.4869 2.4018 2.2832 4 3.9505 3.7171 3.5460 3.4650 3.3121 3.2397 3.16993.0374 2.8550 5 4.9259 4.5797 4.3295 4.2125 3.9927 3.8897 3.7908 3.6048 3.3522 5.8964 5.41725.0757 4.9173 4.62294.48594.3553 4.1114 3.7845 7 6.8621 6.2303 5.7864 5.5824 5.2064 5.0330 4.8684 4.5638 4.1604 7.8230 7.0197 6.4632 6.2098 5.7466 5.5348 5.3349 4.9676 4.4873 8.77917.7861 7.1078 6.8017 6.24695.9953 5.7590 5.3283 4.7716 9.7304 8.5302 7.7217 7.3601 6.7101 6.4177 6.1450 5.6502 5.0188 12 11.6189 9.9540 8.8633 8.3838 7.5361 7.1607 6.8137 6.1944 5.4206 15 14.4166 11.9379 10.3797 9.7123 8.5595 8.0607 7.6061 6.81095.8474 16 15.3399 12.5611 10.8378 10.1059 8.8514 8.3126 7.8237 6.9740 5.9542 17 | 16.2586 13.1661 11.2741 10.4773 9.1216 8.5436 8.0215 7.1196 0.0472 18 17.1728 13.7535 11.6896 10.8276 9.3719 8.7556 8.2014 7.2497 6.1280 19 18.0824 14.3238 12.0853 11.1581 9.6036 8.9501 8.36497.3658 6.1982 2018.9874 14.8775 12.4600 11.4699 9.8182 9.1286 8.5200 7.4694 6.2593 21 19 8880 15 4150 128212 11 7641 10 016892922 8 6487 75620 63125 20% 2.1065 2.5887 2.9906 3.3255 3.6046 3.8372 4.0310 4.1930 4.4392 4.6755 4.7296 4.7746 4.8122 4.8435 4.8696 48913 Future Value of a Lump-Sum 10 Periods 42% 1.0151 1.0202 1.0253 1.0304 1.0355 1.0407 1.0459 1.0511 1.0617 1.0777 1.0831 1.0885 18 1.0939 1.0994 1.1049 1.1104 22 1.1160 1.1216 1.1272 1.1328 | 1.3489 15 16 3% 5% 1.0927 1.1576 1.1255 1.2155 1.1593 1.2783 1.1941 1.3401 1.2299 1.4071 1.2668 1.4775 1.3048 1.5513 1.3439 1.6289 1.4257 1.7959 1.5580 2.0789 1.6047 2.1829 1.6529 2.2920 1.7024 2.4066 1.7535 2.5270 1.8061 2.6533 1.86032.7860 1.9161 2.9253 1.9736 3.0715 2.0325 3.2251 2.0938 3.3864 5.8916 18.6792 Rate of interest per period in percent 6% 8% 9% 10% 12% 15% 20% 1.1910 1.2597 1.2950 1.3310 1.4049 1.5209 1.7280 1.2625 1.3605 1.4116 1.4641 1.5735 1.7490 2.0736 1.3382 1.4693 1.5386 1.6105 1.7623 2.0114 2.4883 1.41851.5869 1.6771 1.7716 1.9738 2.3131 2.9860 1.50361.7138 1.8280 1.9487 2.2107 2.6600 3.5832 1.5939 1.8510 1.9926 2.1436 1.6895 1.9990 2.1719 2.3579 2.7731 3.51795.1598 1.79092.1589 2.3674 2.5938 3.1059 4.0456 6.1917 2.0122 2.5182 2.8127 3.1384 3.8960 5.3503 8.9161 2.3966 3.1722 3.6425 4.1773 5.4736 8.1371 15.4070 2.5404 3.4259 3.9703 4.5950 6.1304 9.3576 18.4884 2.69283.7000 4.3276 5.0545 6.8660 10.7613 22.1861 2.8543 3.9960 4.7171 5.5599 7.6900 12.3755 26.6233 3.02564.3157 5.1417 6.11598.6128 14.2318 31.9480 3.20714.6610 5.6044 6.7275 9.6463 16.3665 38.3376 3.3996 5.0338 6.1088 7.4002 10.8038 18.8215 46.0051 3.6035 5.4365 6.6586 8.1403 12.1003 21.6447 55.2061 3.8197 5.8715 7.25798.9543 13.5523 24.8915 66.2474 4.04896.3412 7.9111 9.8497 15.1786 28.6252 79.4969 4.29196.8485 8.6231 10.8347 17.0001 32.9190 95.3962 32.9877 101.257 176.031 304.482 897.597 4383.99 56347.5 Present Value of a Lump-Sum Periods 2% 3% 5% 0.9852 0.9151 0.8638 0.9803 0.8885 0.8227 0.9754 0.8626 0.7835 0.9705 0.8375 0.7462 0.9657 0.8131 0.7107 0.9609 0.7894 0.6768 0.9561 0.7664 0.6446 0.9514 0.7441 0.6139 0.94190.7014 0.5568 0.9279 0.64190.4810 0.9233 0.6232 0.4581 0.9187 0.6050 0.4363 0.9141 0.5874 0.4155 0.9096 0.5703 0.3957 0.9051 0.5537 0.3769 0.9006 0.5375 0.3589 0.8961 0.5219 0.3418 0.8917 05067 93256 Rate of interest per period in percent 6% 8% 9% 10% 12% 0.8396 0.7938 0.7722 0.7513 0.7118 0.7920 0.7350 0.7084 0.6830 0.6355 0.7473 0.6806 0.6499 0.62090.5674 0.7050 0.6311 0.5963 0.5645 0.5066 0.6651 0.5835 0.5470 0.5132 0.4523 0.6274 0.5403 0.5019 0.4665 0.4039 0.59190.5003 0.4604 0.4241 0.3606 0.5584 0.4632 0.4224 0.3855 0.3220 0.4970 0.3971 0.3555 0.3186 0.2567 0.4173 0.3152 0.2745 0.2394 0.1827 0.3937 0.2919 0.2519 0.2176 0.1631 0.3714 0.2703 0.2311 0.1978 0.1456 0.3503 0.2503 0.2120 0.1799 0.1300 0.3305 0.2317 0.1945 0.1635 0.1161 0.3118 0.2146 0.1784 0.1486 0.1037 0.2942 0.1987 0.1637 0.1351 0.0926 0.2775 0.18390.1502 0.1228 0.0826 02618 170301378 1117 20738 12 15% 0.6575 0.5718 0.4972 0.4323 0.3759 0.3269 0.2843 0.2472 0.1869 0.1229 0.1069 0.0929 0.0808 0.0703 0.0611 0.0531 0.0462 0.0402 20% 0.5787 0.4823 0.4019 0.3349 0.2791 0.2326 0.1938 0.1615 0.1122 0.0649 0.0541 0.0451 0.0376 0.0313 0.0261 0.0217 0.0181 00151 16 17 19 23