Southwest Dry Cleaners believes that it will need new equipment in 6 years. The equipment will cost $26,000. What lump sum should be invested today at 8% compounded semiannually, to yield $26,000? O $20,476.79 O $16,239.52 O $20,681.49 O $22,845.23 4 Next Solve the problem. Round money to the nearest cent, if necessary, rates to the nearest whole percent, and time to the nearest month. You need to borrow $1000 to cover your school expenses for 10 months. After calling several places, you can choose between a money store charging 14% simple interest or your family who will charge you 11%. How much will you save by borrowing from your family? O $25.00 Next > $208.33 O $300.00 O $100.00