I have $74,953 to deposit in a savings account today. I want to have $120,000 in 6 years. Identify the details below that I need in order to determine the annual interest rate (percent) I must earn to reach my goal if the interest is compounded semiannually.

Hint: You must apply the conversion process for a compounding frequency less than 1 year.

What table must I use to find the relevant factor?

1. Future value of single-sum
2. Present value of single-sum
3. Future value of ordinary annuity
4. Present value of ordinary annuity

What are the number of periods (n) to find the relevant factor?

What is the annual interest rate I must earn?