Posted by **maria** on Monday, August 13, 2012 at 12:50pm.

Ray Long wants to retire in Arizona when he is 70 years

of age. Ray is now 50. He believes he will need $130,000

to retire comfortably. To date, Ray has set aside no

retirement money. Assume Ray gets 14% interest

compounded semiannually. How much must Ray invest

today to meet his $130,000 goal?

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