Question
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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Fundamentals of Financial Accounting
Authors: Fred Phillips, Robert Libby, Patricia Libby, Brandy Mackintosh
4th Canadian edition
978-1259269868, 978-1259103292
