Answered

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Your parents will retire in 14 years. They currently have $290,000, 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? Do not round intermediate calculations. Round your answer to two decimal places.

Sagot :

Answer:

9.24%

Explanation:

This problem is easily solved through a financial calculator.

Just plug into your calculator N=14 PV=290,000 FV= -1,000,000 i=??

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