business
posted by Anonymous .
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

B ($34,820.)
This was in a multichoice quiz, and after I took it, it showed me the correct answer. I may have not gotten it right, but hopefully another struggling student can benefit from this.
Respond to this Question
Similar Questions

Finance
You wish to retire in 12 years and currently have $50,000 in a savings account yielding 5 percent annually and $100,000 in quality "blue chip" stocks yielding 10 percent. If you expect to add $30,000 at the end of each year to your … 
Finance
You are now 30 years old. You plan to retire in 30 years, and expect to live for 30 years after retirement, that is, until you are 90. You want a fixed retirement income that has the same purchasing power at the time you retire as … 
Business
I want to retire in 20 years. I think that I need $500,000. I have $200,000 set aside right now. If I earn 5.25%, will I have enough? 
business and finance
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. … 
business math
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. … 
Retirement
1. I would like to retire in 42 years at the age of 65. The average retirement age for women is between 6062 years of age, and 6264 for men. 2. My annual amount of money I'll need after retiring would be approxiamately $26,500 (2,205*12=$26,460) … 
Finance
You are 45 years of age and your asporation is to retire in 17 years at age 62. Assume you are about to set up a new retirement savings account at a 4% annual interest rate (APR). Based on how you want to live in retirement, and any … 
finance
You wish to retire in 12 years and currently have $50,000 in a savings account yielding 5 percent annually and $100,000 in quality "blue chip" stocks yielding 10 percent. If you expect to add $30,000 at the end of each year … 
Finance
You want to be able to withdraw $25,000 from your account each year for 20 years after you retire. If you expect to retire in 25 years and your account earns 7% interest while saving for retirement and 6.7% interest while retired Round … 
Mathematics of growth rate! Need help!
Suppose that your child is born this year, and that you would like to set aside enough money now so that your child will have $3000000 at retirement in 20 years. A) if return of return on your money averages 5% per year over the next …