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f. Lionel deposits $7,000 in Victory bank, which pays 4% interest compounded semiannually. k. Bernie wants to retire to California when she is 60 years

f. Lionel deposits $7,000 in Victory bank, which pays 4% interest

compounded semiannually.

k. Bernie wants to retire to California when she is 60 years of age. Bernie is 40

now. She believes that she will need $900,000 to retire comfortably. To date,

Bernie has set aside no retirement money. If Bernie gets 8% compounded

semiannually, how much must she invest today to meet her $900,000 goal?

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