$2,200,000 is the FV [at t20] of the lump sum of $260,000 at t0. | |
Hence, 2200000 = 260000*(1+r)^20, where r = the annual | |
interest. | |
Solving for r, | |
r = (2200000/260000)^(1/20)-1 = | 11.27% |
3. Problem 5.03 Click here to read the eBook: Finding the Interest Rate, I FINDING THE...
Finding the required interest rateYour parents will retire in 28 years. They currently have $400,000, and they think they will need $2,400,000 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. %
Your parents will retire in 28 years. They currently have $220,000 saved, and they think they will need $1,050,000 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.
Your parents will retire in 29 years. They currently have $290,000 saved, and they think they will need $2,100,000 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.
Your parents will retire in 15 years. They currently have $340,000 saved, and they think they will need $2,000,000 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.
Your parents will retire in 29 years. They currently have $350,000 saved, and they think they will need $2,400,000 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.
Your parents will retire in 21 years. They currently have $230,000 saved, and they think they will need $1,750,000 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. %
Click here to .ead the ๑book : Findra tho tnterert Rate, i FINDING THE REQUIRED INTEREST RATE Yeur parents vil stire in 29 years.They ourenstly hare 1390,000 raved and thay think they will need 12.250,000 st retiremant What n don't save sny donal funds? Round your aner to tve decimal place annual interest rate must they am to reach their geal, assuming they
Your parents will retire in 13 years. They currently have $300,000, 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? Round your answer to two decimal places.
Your parents will retire in 20 years. They currently have $250,000, 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? Round your answer to two decimal places.
PLEASE ANSWER THIS TWO QUESTION THANK YOU Your parents will retire in 27 years. They currently have $380,000 saved, and they think they will need $2,350,000 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 $36,948.61 in a brokerage account, and you plan to deposit an additional $3,000 at the end of every future year until your account totals $280,000....