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Alex plan to retire in 30 years. He needs $400,000 for his retirement, and plans to make equal annual savings towards the amount needed. Suppose
Alex plan to retire in 30 years. He needs $400,000 for his retirement, and plans to make equal annual savings towards the amount needed. Suppose he can only save $4000 a year. What is the minimum annual return required from his retirement account such that Alex will have enough money when he retires?
1%
7.32%
8.64%
233%
18.53%
Alex plan to retire in 30 years. He needs $400,000 for his retirement, and plans to make equal annual savings towards the amount needed. Suppose he can only save $4000 a year. What is the minimum annual return required from his retirement account such that Alex will have enough money when he retires?
1%
7.32%
8.64%
233%
18.53%
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