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Imagine that your goal is to retire 34 years from today with$1,000,000 $1,000,000in savings. Assuming that you currently (i.e., today) have$5,000 $5,000in savings, what rate

Imagine that your goal is to retire 34 years from today with\$1,000,000

$1,000,000in savings.

Assuming that you currently (i.e., today) have\$5,000

$5,000in savings, what rate of return must you earn

on that savings to hit your goal? (Hint: Solve your future value formula for the discount rate,R

R)

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