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