Solve the Problem. Round to the Nearest Cent

question 50

Multiple Choice

Solve the problem. Round to the nearest cent.
-Joe wants to start an SEP-IRA that will have $460,000 in it when he retires in 15 years. How much should he invest semiannually in his IRA to do this if the interest is 15% compounded semiannually?

• A) $44.35.77
• B) $17,612.13
• C) $4790.74
• D) $4448.77

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Definitions:

Social Security

A government program that provides financial assistance to people with little or no income, mostly the elderly or disabled.

Food Stamp Program

A government assistance program that provides low-income individuals and families with funds to purchase groceries, aiming to reduce hunger and improve nutrition.

Poverty Line

A threshold level of income set by governments or organizations, below which individuals or families are considered to be living in poverty.

Average Incomes

The mean income of a population, calculated by dividing the total income of the population by the number of people.