Michelle deposited a certain sum of money in a savings account on July 1st, 2007. She earns an 14% interest compounded semiannually. The sum of money in the account on December 31st, 2009 is approximately what percent of the initial deposit?
Options
A) 117%  B) 120%  C) 121%  D) 138%  E) 145%
Since Michelle earns 14% interest compounded semiannually, then she earns 7% interest every 6 months.   Now, the simple interest earned in 5 periods (30 months = 5*6 months) would be 7%*5=35%. 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 35%, only answer choice D fits.   Answer: 138% 7 *5= 
<gadget id="calculator"> 7 *5</gadget>
<output>35</output>
35%. 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 35%, only answer choice D fits.   Answer: 138%
<result>D</result>
Michelle deposited a certain sum of money in a savings account on July 1st, 2007. She earns an 14% interest compounded semiannually. The sum of money in the account on December 31st, 2009 is approximately what percent of the initial deposit?