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1 Ray Long wants to retire in Arizona when he is 75 years of age. Ray, who is now 60, believes he will need $200,000

1 Ray Long wants to retire in Arizona when he is 75 years of age. Ray, who is now 60, believes he will need $200,000 to retire comfortably. To date, he has set aside no retirement money. If he gets an interest of 12 percent compounded semiannually, he will have to invest today

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