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)

Question

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

Rose · Answer

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.