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Burton Bush wants to retire in Arizona when he is 80 years of age. Burton, who is now 55, believes ...

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Burton Bush wants to retire in Arizona when he is 80 years of age. Burton, who is now 55, believes ...

Burton Bush wants to retire in Arizona when he is 80 years of age. Burton, who is now 55, believes he will need $400,000 to retire comfortably. To date, he has set aside no retirement money. If he gets an interest rate of 6% compounded annually, what will he have to invest today to reach his goal?

Note: Round to the nearest dollar

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$160,000

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$91,243

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$96,500

▸

$93,199

Textbook

Math for Business and Finance: an Algebraic Approach

Edition: 3^rd

Author: Slater

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