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Problem:

The Turtles hope to accumulate $2,000,000 for retirement in 40 years. They do not have any money saved right now, but want to get started early since they are planning 40 years down the road. They can save $12,923 annually in their 401k plan. You, fortunately, must tell them what average rate of return they must earn on their investment to reach their goal. What is it?

Note: Explain all steps comprehensively.

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Basic Finance, Finance

Category:- Basic Finance
Reference No.:- M91147729

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