15. You would like to have a balance of $600,000 at the end of 15 years...
15. You would like to have a balance of $600,000 at the end of 15 years from monthly savings of $900. If your returns are compounded monthly, what is the APR you need to meet your goal?
Enter your response as a regular percentage rate, rounded to the nearest first decimal. Do not enter dollar signs, percent signs, or commas.
For example, if you calculated the decimal 0.0489, you would enter for your answer, 4.9. Or if you calculated 12.56%, you would enter 12.6.
Homework Answers
Annual rate of percentage is calculated using the RATE function:-
=RATE(nper,pmt,pv,fv)
=RATE(15*12,-900,,600000)*12
=15.0%
Add Answer to:
15. You would like to have a balance of $600,000 at the end of
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