Ahmed just turned 25 and wants to have $7 comma 693 saved in 5 years, by his 30th birthday. Assuming no additional deposits, if he currently has $5 comma 000 in an intermediate-term bond fund earning a 6 percent yield, will he reach his goal? If not, what rate of return is required to meet his goal?

Assuming no additional deposits, if he currently has $5 comma 000 in an intermediate-term bond fund earning a 6 percent yield, will he reach his goal?

Yes, Ahmed will reach his goal of having $7 comma 693 by his 30th birthday.

What is the rate of return needed to reach his goal?