To save for retirement, you place $350 at the beginning of every month into an RRSP. If you are set to retire after 20 years of payments and you expect to have saved $250,000, what nominal annual rate, compounded semi-annually could you accept?

Select one:

a.

9.952896

a. 9.952896

b.

2.182496%

b. 2.182496%

c.

9.716865%

c. 9.716865%

d.

9.653189%