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Tom and Edna want to retire in 22 years. They currently have $245,000 in their retirment account. Their financial planner estimates that they will need
Tom and Edna want to retire in 22 years. They currently have $245,000 in their retirment account. Their financial planner estimates that they will need $755,000 in their retirement account at retirement age to augment Edna's pension and their combined social security income. What rate of interest is the minimum that Tom and Edna should accept to ensure they reach their retirement goal?
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