Lucy deposited $62500 in an investment fund that provided 24 percent annual return compounded half yearly.If she made no other transactions with the fund, in how much time, in years, did her investment earn a total interest of $10400? Pick.
A) 0.5 B) 1 C) 3 D) 6 E) 6.1
A = P + I = 62500 + 10400= 
<gadget id="calculator">62500 + 10400</gadget>
<output>72_900</output>
72900   72900= 62500(1 + 24/2*100)^(2t)   (676/625) = (112/100)^(2t)   (27/25)^2 = (27/25)^2t   t = 1yrs =   Answer: 1
<result>B</result>
Lucy deposited $62500 in an investment fund that provided 24 percent annual return compounded half yearly.If she made no other transactions with the fund, in how much time, in years, did her investment earn a total interest of $10400?