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Solve the Problem $480,000\$ 480,000 In It When He Retires in 17 Years

Question 110

Multiple Choice

Solve the problem.
-Larry wants to start an IRA that will have $480,000\$ 480,000 in it when he retires in 17 years. How much should he invest semiannually in his IRA to do this if the interest is 5\% compounded semiannually?


A) $23,005.33\$ 23,005.33
B) $9110.24\$ 9110.24
C) $5138.33\$ 5138.33
D) $9123.24\$ 9123.24

Correct Answer:

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