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:

Firearms

Portable weapons that discharge projectiles, such as bullets, through the confined burning of propellants.

Physical Violence

The use of physical force with the intent to harm or intimidate another person.

Well Planned

Activities or actions that are carefully thought out and organized in advance to achieve a specific goal.

Unarmed Robbery

The act of stealing from someone without the use of weapons.