Bernie Long wants to retire to California when she is 60 years of age. Bernie is now 40. She believes that she will need $900,000 to retire comfortably. To date, Bernie has set aside no retirement money. If Bernie gets 8% compounded semiannually, how much must Bernie invest today to meet her $900,000 goal? (Round your answer to the nearest cent.)
Bernie Long wants to retire to California when she is 60 years of age. Bernie is now 40. She believes that she will need $900,000 to retire comfortably. To date, Bernie has set aside no retirement money. If Bernie gets 8% compounded semiannually, how much must Bernie invest today to meet her $900,000 goal? (Round your answer to the nearest cent.)
Chapter5: The Time Value Of Money
Section: Chapter Questions
Problem 10P
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Bernie Long wants to retire to California when she is 60 years of age. Bernie is now 40. She believes that she will need $900,000 to retire comfortably. To date, Bernie has set aside no retirement money. If Bernie gets 8% compounded semiannually, how much must Bernie invest today to meet her $900,000 goal? (Round your answer to the nearest cent.)
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