Jamal plans to retire in 17 years. He is saving $2000 every month in a retirement savings account paying him a long-term interest of 9% compounded semi-annually until retirement. The rate changes following the retirement. He wants $7000 per month paid to him for 20 years after the retirement. At what rate (semi-annually)should his savings account pay him to fulfill his dream? (Use the Rate function in Excel.)
A)0.54%
B)3.28%
C)0.86%
D)10.27%
E)6.55%