Calculate the amount that an investor needs to be invest to earn approximately $1076 in interest in 12 months if the investor plans to invest x dollars in a savings account that pays interest at an annual rate of 10% compounded semi-annually?  Choose the most appropriate option:
A) 10500  B) 16576  C) 10100  D) 13500  E) 11500
the approach is substitution,   our interest requirement is $1076 after 12 months, 2 compounding period.   calculate the compound interest on each option and find out the one that yields 460 in 12 months   10500 yielded $1076   using the formula   10500 = P(1 + r/n)nt   hence answer is 10500
<result>A</result>
Calculate the amount that an investor needs to be invest to earn approximately $1076 in interest in 12 months if the investor plans to invest x dollars in a savings account that pays interest at an annual rate of 10% compounded semi-annually?