Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

an individual plans to retire in 3 5 years with a goal of having $ 1 , 0 0 0 , 0 0 0 in

an individual plans to retire in 35 years with a goal of having $1,000,000 in their retirement fund. They currently have $170,000 saved. Assuming they dont contribute anymore to this fund, what annual interest rate is required to meet their retirment goal?
A.6.51%
B.5.78%
c.5.19%
D.4.71%
E.4.29%
F.3.29%
G.3.60%
H.3.31%

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Practical Finance For Property Investment

Authors: Craig Furfine

1st Edition

036733304X, 978-0367333041

More Books

Students also viewed these Finance questions