Your parents will retire in 18 years and they think they will need $1,000,000 at retirement. What
Question:
Your parents will retire in 18 years and they think they will need $1,000,000 at retirement. What annual interest rate must they earn to reach their goal, based on the starting amounts shown below? Assume they don't save any additional funds.
a. $50,000.
b. $100,000.
c. $200,000.
d. $300,000.
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a With a financial calculator enter the following N 18 PV 50000 PMT 0 and FV 1000000 Solve fo...View the full answer
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Related Book For 
Financial Management Theory And Practice
ISBN: 978-0176583057
3rd Canadian Edition
Authors: Eugene Brigham, Michael Ehrhardt, Jerome Gessaroli, Richard Nason
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