Question
Finding the required interest rate Your parents will retire in 26 years. They currently have $240,000, and they think they will need $1,850,000 at retirement.
Finding the required interest rate
Your parents will retire in 26 years. They currently have $240,000, and they think they will need $1,850,000 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.
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Entrepreneurial Finance
Authors: J . chris leach, Ronald w. melicher
4th edition
538478152, 978-0538478151
