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Wang plans to retire in 38years and would like for his Individual Retirement Account (IRA) to have $1 million by then. If the IRA pays

Wang plans to retire in 38years and would like for his Individual Retirement Account (IRA) to have $1 million by then. If the IRA pays 8% per year compounded semiannually, what must his semiannual payment be to achieve his goal?

a. $26,315.79

b. $13,157.89 c. $2,138.69 d. $1,069.34 e. $6,578.95

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