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Steven wants to start an IRA that will have $375,263 in it when he retires in 30 years. How much should he invest semiannually in his IRA to do this if the interest is 5.5% compounded semiannually? Assume
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Steven wants to start an IRA that will have $375,263 in it when he retires in 30 years. How much should he invest semiannually in his IRA to do this if the interest is 5.5% compounded semiannually? Assume an Annuity Due. Round to the nearest cent.

User Horacex
by
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2 Answers

1 vote

Answer:

its b

Explanation:

im taking the test right now

User Shamari
by
6.8k points
3 votes
375263=X[((1+0.055/2)^(2*30)-1)/(0.055/2)]*(1+0.055/2)
Solve for x
X=2454.28
User Lukas Bobinas
by
6.2k points
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