Al Miler, the Owner of Al's Garage, Estimates That He

Multiple Choice

Al Miler, the owner of Al's Garage, estimates that he will need $29,000 for new equipment in 15 years. Al decides that he will put aside the money now so that in 15 years the $29,000 will be available. His bank offers him 10% interest compounded semiannually. (Use the tables in the handbook.) Al must invest today:

A) $6,710.60
B) $6,942.60
C) $6,701.60
D) $125,335.10
E) None of these