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Your parents will retire in 16 years. They currently have $240,000 saved, and they think they will need $1,100,000 at retirement. What annual interest rate

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image text in transcribed Your parents will retire in 16 years. They currently have $240,000 saved, and they think they will need $1,100,000 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. % You have $33,488.74 in a brokerage account, and you plan to deposit an additional $3,000 at the end of every future year until your account totals $290,000. You expect to earn 13% annually on the account. How many years will it take to reach your goal? Round your answer to the nearest whole number. years

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