Final answer:
To find out the total amount raised by the alumni association for both semesters, add the amount raised last semester to 120% of that amount for this semester. The correct answer is option B.
Step-by-step explanation:
To find out how much the alumni association raised for both semesters, we need to add the amount raised in the last semester to 120% of that amount for this semester.
Last semester, the alumni association raised $240. This semester, it raised 120% of $240, which is $240 * 1.20 = $288.
Adding the amounts for both semesters, we get $240 + $288 = $528.
Therefore, the alumni association raised $528 for both semesters. The correct answer is option B.