Michelle deposited a certain sum of money in a savings account on July 1st, 2007. She earns an 12% interest compounded semiannually. The sum of money in the account on December 31st, 2009 is approximately what percent of the initial deposit? Choose the correct choice from the following answers.
A) 117%
B) 120%
C) 121%
D) 133%
E) 140%
Since Michelle earns 12% interest compounded semiannually, then she earns 6% interest every 6 months.   Now, the simple interest earned in 5 periods (30 months = 5*6 months) would be 6%*5=30%. But, since the interest iscompoundedevery 6 months, then there would be interest earned on interest (very small amount) thus the actual interest earned would be a little bit more than 30%, only answer choice D fits.   Answer: 133% 6 *5= 
<gadget id="calculator"> 6 *5</gadget>
<output>30</output>
30%. But, since the interest iscompoundedevery 6 months, then there would be interest earned on interest (very small amount) thus the actual interest earned would be a little bit more than 30%, only answer choice D fits.   Answer: 133%
<result>D</result>
Michelle deposited a certain sum of money in a savings account on July 1st, 2007. She earns an 12% interest compounded semiannually. The sum of money in the account on December 31st, 2009 is approximately what percent of the initial deposit?