1 pts
Lois Smith wants to retire in California when she is 70
years of age. Lois, who is now 50, believes she will need
$400,000 to retire comfortably. To date, she has set
aside no retirement money. If she get an interest rate of
8% compounded semiannually, she will have to invest
(blank) today.
O $38,000
$83,320
O $38,320
O none of the above
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