Problemfinding the required interest rateyour parents will, Ask an Expert

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Problem:

Finding the required interest rate

Your parents will retire in 30 years. They currently have $260,000, and they think they will need $1,500,000 at retirement.

Required:

Question 1: What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds?

Explain in detail and also all work.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91147317

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