Question
1-Your parents will retire in 29 years. They currently have $220,000 saved, and they think they will need $2,350,000 at retirement. What annual interest rate
1-Your parents will retire in 29 years. They currently have $220,000 saved, and they think they will need $2,350,000 at retirement. What annual interest rate must they earn to reach their goal, assuming they don't save any additional funds? Round your answer to two decimal places.
2- If you deposit money today in an account that pays 6% annual interest, how long will it take to double your money? Round your answer to two decimal places.
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Advanced Accounting
Authors: Joe Hoyle, Thomas Schaefer, Timothy Doupnik
10th edition
0-07-794127-6, 978-0-07-79412, 978-0077431808
