When you retire you find that you have $1,000,000 in your retirement account into which you have been depositing $750 each month for the last 40 years. What annual rate did your money earn? Round your answer to 2 decimals.
Using financial calculator
Input:
FV = 1000000
PMT= -750
N = 40*12= 480
Solve for I/Y as 0.3731
Annual rate = 0.3731*12 = 4.48%
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