Southwest Dry Cleaners believes that it will need new equipment in 7 years. The equipment will cost $26,000. What lump sum should be invested today at 6%, compounded semiannually, to yield $26,000?
a.
$ 17,189.06
b.
$ 23,243.29
c.
$ 21,091.71
d.
$ 21,249.90
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