Narrative 11-1 Solve the following problems using either Tables 11-1 or 11-2 from your text. When necessary, create new table factors. (Round new table factors to five decimal places, round dollars to the nearest cent and percents to the nearest hundredth of a percent) Gil wants to have $9,500 in 7 years. Use the present value formula to calculate how much he should invest now at 2% interest,
compounded semiannually in order to reach his goal.
A) $8,125.25
B) $8,875.36
C) $8,264.62
D) $8,800.89
C
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