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3) Your parents will retire in 18 years. They currently have saved $300,000, and they think that they will need $1,200,000 at retirement. What interest

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3) Your parents will retire in 18 years. They currently have saved $300,000, and they think that they will need $1,200,000 at retirement. What interest rate must they earn to reach their goal (assuming they will not save any additional funds) 4) If you deposit $1,000 today in an account that pays 5.5% annual interest, how long will it take to double your money to $2,000? 5) What is the Effective Annual Rate (EAR) of the following quoted rates? 10% compounded monthly 9.9% compounded daily

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