Answered step by step
Verified Expert Solution
Question
1 Approved Answer
We would like to have $1,000,000 in 10 years. We have $700,000 now in an account. We are withdrawing $100,000 a year from the account
We would like to have $1,000,000 in 10 years. We have $700,000 now in an account. We are withdrawing $100,000 a year from the account at the beginning of each year. What annual interest rate would we need to achieve our goal?
Please show excel work
Step by Step Solution
There are 3 Steps involved in it
Step: 1
To calculate the required annual interest rate in Excel you can use the following steps 1 In cell A1 ...Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started