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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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  1. B ($34,820.)

    This was in a multi-choice 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.

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