Raymond and his wife have a traditional IRA, and they plan to deposit $100 per month for the next 4 years....

29. Raymond and his wife have a traditional IRA, and they plan to deposit $100 per month for the next 4 years. What is the future value of their IRA if the interest is compounded semi-annually at a rate of 4%?
The factor, according to the Future Value of Ordinary Annuities Table, is 8.58297 at 2% interest and 8 compounding periods.
$4,800.29
$2,510.18
$5,149.78
$8,582.97