Question
Problem 4-3 Interest Rate on a Single Payment Your parents will retire in 14 years. They currently have $300,000, and they think they will need
Problem 4-3 Interest Rate on a Single Payment
Your parents will retire in 14 years. They currently have $300,000, and they think they will need $1 million 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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Probability For Risk Management
Authors: Matthew J. Hassett, Donald G. Stewart
2nd Edition
156698548X, 978-1566985482
