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August 23, 2014

Homework Help: business

Posted by Anonymous on Tuesday, September 11, 2012 at 10:51pm.

29. Ray Long wants to retire in Arizona when he is 75 years of age. Ray, who is now 60, believes he will nee $200,000 to retire comfortably. To date, he has set aside no retirement money. If he gets an interest of 12 percent compounded semiannually, he will have to invest today: (Use the tables in the handbook)
A. $26,020
B. $34,820
C. $82,000
D. $91,000
E. None of the above

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