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:

Democratic Leadership Characteristics

Qualities associated with leaders who encourage open communication, participation in decision-making, and collaboration among team members.

Directive Leadership Characteristics

Directive leadership characteristics refer to behaviors of a leader who provides clear expectations, guidance, and instructions to individuals or groups to achieve specific goals.

Organizational Psychologists

Professionals who apply psychological theories and principles to improve the work environment, employee satisfaction, productivity, and organizational effectiveness.

Employee Motivation

The level of energy, commitment, and creativity that a company's workers bring to their jobs.