Final answer:
The amount of money accumulated through periodic deposits with compounding interest can be calculated using the formula A = P(1 + r/n)^(nt). By plugging in the values, we find that the correct answer is $47,908.
Step-by-step explanation:
To calculate the total amount of money accumulated through periodic deposits with compounding interest, we can use the formula:
A = P(1 + r/n)^(nt)
Where:
P = Amount deposited per period ($7500)
r = Interest rate per period (5% or 0.05)
n = Number of times the interest is compounded per year (2)
t = Number of years (3)
Plugging in the values, we get:
A = 7500(1 + 0.05/2)^(2*3)
After simplifying the equation, we find that the amount of money accumulated through periodic deposits is $47,908. Therefore, the correct answer choice is C) $47,908; $2908.