Your best friend wants to buy a car in 4 years and asks you to calculate the exact amount he has to deposit in a savings account today. The expected price of the car in 4 years is $15,000 and the interest rate on the savings account is 6%, compounded semi-annually. How much does your friend have to deposit in the savings account today?

Select one:

a. $11,881.41

b. $3,750

c. $11,957.91

d. None of the choices given.

e. $11,841.14