A young employee is earning a gross annual salary of $125,000 and is determined to raise...
A young employee is earning a gross annual salary of $125,000 and is determined to raise that to at least $200,000 in 5 years. At what compound annual growth rate (%) must this person raise their salary over the next firve years to acheive that goal?
Homework Answers
| we have to use financial calculator to solve this problem | |||||
| Put in calculator | |||||
| PMT | 0 | ||||
| FV | 200,000 | ||||
| N | 5 | ||||
| PV | -125000 | ||||
| Compute I | 9.86% | ||||
| required growth rate per year = | 9.86% | ||||
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