Al Vincent has decided to retire to Arizona in 10 years. What amount should Al invest today so that he will be able to withdraw $29,500 at the end of each year for 15 years after heretires? Assume he can invest the money at 8% interest compound annualy.

Al Vincent has decided to retire to Arizona in 10 years. What amount should Al invest today so that he will be able to withdraw $29.500 at the end of each year for 15 years after he retires? Assume he can invest the money at 8% interest compounded annually. (Use the Table 13.2 and Table 123.) Note: Do not round intermediate calculations. Round your answer to the nearest cent. Present value of an annuity of $1