Today, Barry Reached His 50^th Birthday and He Has $70,000

question 181

Multiple Choice

Today, Barry reached his 50^th birthday and he has $70,000 in his retirement fund. His goal is to have $500,000 on his 65^th birthday. He can expect his investments to earn 13% compounded semi-annually. How much will he have to invest at the end of every six months for the next 15 years in order to reach his goal?

• A) $4,978.30
• B) $1,722.84
• C) $428.30
• D) $926.14
• E) $2,388.89

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