Solve the Problem. Round to the Nearest Cent

question 64

Multiple Choice

Solve the problem. Round to the nearest cent.
-Larry wants to start an IRA that will have $620,000 in it when he retires in 26 years. How much should he invest semiannually in his IRA to do this if the interest is 6% compounded semiannually?

• A) $5094.65
• B) $3969.83
• C) $16,081.74
• D) $5081.65

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Definitions:

Medicaid Claim

A formal request for payment directed to the Medicaid program by healthcare providers for services rendered to Medicaid beneficiaries.

Medicaid Membership

Enrollment in Medicaid, a government-sponsored insurance program for individuals with low income and resources.

Ethological Approach

A perspective in psychology that emphasizes the evolutionary origin of behaviors and their adaptive functions.