Solved

Solve the Problem. Round to the Nearest Cent

Question 64

Multiple Choice

Solve the problem. Round to the nearest cent.
-Larry wants to start an IRA that will have $620,000 in it when he retires in 26 years. How much should he invest semiannually in his IRA to do this if the interest is 6% compounded semiannually?


A) $5094.65
B) $3969.83
C) $16,081.74
D) $5081.65

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Q59: Solve the problem.<br>-Sammy borrowed $10,000 to purchase

Q60: Solve the problem. Round to the nearest

Q61: Solve the problem. Round to the nearest

Q62: Find the rate of interest required to

Q63: Solve the problem.<br>-How long will it take

Q65: Find i (the rate per period) and

Q66: Solve the problem. Assume that the minimum

Q67: Solve the problem. Round to the nearest

Q68: Solve the problem.<br>-Jennifer invested $6000 in her

Q69: Solve the problem. Round to the nearest