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1. Luis has $2 million saved for retirement and wants to make sure he can spend $100,000 each year for the next 40 years. He

1. Luis has $2 million saved for retirement and wants to make sure he can spend $100,000 each year for the next 40 years. He decides to leave $200,000 to charity when he dies. Now what interest rate must he achieve to reach his goal?

Please show manual calculation (not using excel)

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